What is Ocaf adjustment?
The OCAF (Operating Cost Adjustment Factor) is a factor that is established by HUD, and is applied to the existing contract rent (less the portion of the rent that is paid for debt service). The Auto OCAF will automate the process of an OCAF rent increase for Section 8 contracts in Amend Rent years.
What is annual Adjustment Factor?
The Department of Housing and Urban Development establishes the rent adjustment factors — called Annual Adjustment Factors (AAFs) — on the basis of Consumer Price Index (CPI) data relating to changes in residential rent and utility costs.
What is an annual Adjustment?
Annual Adjustment means either a credit to MEMBER for the over-collection of funds, or a charge to MEMBER for under-collection of funds, related to Power Project settlements, if applicable.
What does Ocaf stand for?
Operating Cost Adjustment Factor (OCAF) rent increases are based on the Operating Cost Adjustment Factors released by HUD annually in the Federal Register.
What are rent adjustments?
RENT ADJUSTMENT Any amounts owed by Tenant for payment of Operating Expenses.
What is a multi year rent adjustment?
As the name suggests, a multi-year lease obliges tenants to stay in their apartment rentals for longer than a year. The length of commitment involved in a multi-year lease – often 24 months, but sometimes 18 months – may work better for certain renters.
Can you raise rent in Santa Clara County?
In Santa Clara County, landlords will not be able to raise rent in one year more than an estimated 8.3% per year. If you have rented your unit for over a year, your landlord will not be able to evict you without a good reason, like not paying rent or violating your lease agreement.
What is a year to year lease?
An annual residential lease agreement typically runs for a one-year period, though two-year lease agreements may be required for higher-end properties. The rental lease agreement typically states the amount of notice required to vacate the property, usually 30 or 60 days.