Banked CPI Rent Adjustments may be used together with other Rent justifications, except
Increased Housing Service Costs and Fair Return, because these justifications replace
the current year's CPI increase.
c.
In no event may any banked CPI Rent Adjustment be implemented more than five (5) years
after it accrues.
d.
Any banked CPI Rent Adjustment expires upon transfer of ownership of the property
in which the Covered Unit is located, unless:
(1)
The transfer of ownership is through an inheritance between spouses or between parents
and siblings, children or stepchildren; and
(2)
The person(s) inheriting the property owned the property for at least one (1) year.
6.
Schedule of Prior Annual Permissible Rent Adjustments. Former annual permissible rent
adjustments available under the prior versions of this Chapter:
a.
May 6, 1980 through October 31, 1983, the annual rate was ten percent (10%).
b.
November 1, 1983 through September 30, 1986, the annual rate was eight percent (8%).
c.
October 1, 1986 through February 28, 1995, the annual rate was six percent (6%).
d.
March 1, 1995 through June 30, 2002, the annual rate was three percent (3%).
C.
Rent Increases in Excess of the CPI Rent Adjustment or Banking.
1.
For Rent increases based on grounds other than the CPI Rent Adjustment or Banking,
an Owner must first petition the Rent Program and receive approval for the Rent increase
before the Rent increase can be imposed. A Rent increase in excess of the CPI Rent
Adjustment or a Banking increase must be justified on one (1) or more of the following
grounds:
a.
Capital improvement costs, including financing of capital improvement costs;
b.
Uninsured repair costs;
c.
Increased housing service costs;
d.