Sec.8-214h-12. Carrying charge determination

(a) Carrying charges shall be determined as follows:

(1) In project(s) where a federal or state rental subsidy is available, the percentage of family income used to establish the carrying charge will be determined by the federal or state agency.

(2) In project(s) where no rental subsidy exists, the carrying charge shall be established and the resident will pay:

(A) A percentage of the adjusted gross income not to exceed 30%, minus a utility allowance for those residents who pay their own utilities. The percentage shall be established by the Board of Directors and approved by the Commissioner; and/or

(B) The established carrying charge determined by the developer and approved by the Commissioner minus a utility allowance for those residents who pay their own utilities.

(b) Any resident of a mutual housing association project whose adjusted gross income exceeds 125% of the area median income, adjusted for family size, as determined from time to time by the U.S. Department of Housing and Urban Development, shall pay carrying charges in an amount not less than 25% of their adjusted gross income.

(c) The Board of Directors shall use increased carrying charges paid by resident members with adjusted gross incomes which exceed 125% of the area median income to:

(1) develop additional dwelling units for low and moderate income families; and/or

(2) credit the carrying charges of other mutual housing association members who are of low and moderate income.

(Effective August 18, 1988)