1. (a)

   1. (1) In United States Department of Agriculture Rural Development Section 515 projects, overage rents may result when thirty percent (30%) of the tenant income minus the utility allowance exceeds the United States Department of Agriculture Rural Development program’s basic rent.
   2. (2) If this overage rent exceeds the LIHTC rent, then the overage cannot always be charged.
2. (b) For 1991 and later year developments, the overage can be charged for amounts that are turned over to the United States Department of Agriculture Rural Development.
3. (c) In 1987–1990 developments, the overage cannot be charged to the tenant since the provision is not retroactive.

Codification Notes: "LIHTC" means low-income housing tax credit.