Table 2 to Paragraph ( g )(1)—Alternative Income Examination Cycle for Small-Scale Rental Housing Projects
Initial Examination
(All Projects)
The income of each tenant must be determined initially in accordance with § 92.203(b)(1)(i) unless the participating jurisdiction accepts an annual income determination pursuant to § 92.203(a)(1), § 92.203(a)(2), or § 92.203(a)(3), or determines income in accordance with § 92.203(b)(3).
Year 3
The income of each tenant must be examined in accordance with the option selected by the participating jurisdiction in § 92.203(b)(1) and included in the written agreement between the owner and the participating jurisdiction pursuant to § 92.504(c)(3).
Year 6
(Projects with a period of affordability of greater than 5 years)
The income of each tenant must be examined in accordance with § 92.203(b)(1)(i).
Year 9
(Projects with a period of affordability of greater than 5 years)
The income of each tenant must be examined in accordance with the option selected by the participating jurisdiction in § 92.203(b)(1) and included in the written agreement between the owner and the participating jurisdiction pursuant to § 92.504(c)(3).
Year 12
(Projects with a period of affordability of greater than 10 years)
The income of each tenant must be examined in accordance with § 92.203(b)(1)(i).
Year 15
(Projects with a period of affordability of 20 years)
The income of each tenant must be examined in accordance with the option selected by the participating jurisdiction in § 92.203(b)(1) and included in the written agreement between the owner and the participating jurisdiction pursuant to § 92.504(c)(3).
Year 18
(Projects with a period of affordability of 20 years)
The income of each tenant must be examined in accordance with § 92.203(b)(1)(i).