The City of Billings is responsible for monitoring assisted projects for a specific period of affordability to ensure sound investment and long-term impact is sustained. Single-family housing is monitored through the use of legal agreements recorded on the property. Multi-family properties are monitored for several additional layers of compliance, over and above legally executed agreements, including:
- Intended and eligible low-income households occupy the units.
- Rents charged conform to federal affordability limits.
- Properties are in good condition to ensure the provision of safe / sanitary living environments.
A guide, Compliance in HOME Rental Projects: Property Owners
, has been made available to help owners of City-assisted properties comply with ongoing affordability requirements. It provides tools for owners and property managers to facilitate the day-to-day rental management of assisted properties.
Income limits are posted on the HUD Exchange
Current and historical fair market rents are published in the Federal Register and posted on the U.S. Department of Housing & Urban Development
. Rents are updated each spring.
As of January 2015, all City-assisted projects will be routinely monitored utilizing Uniform Physical Conditions Standards
to ensure decent, safe, and sanitary units in good repair are provided to occupants.