This policy establishes the approach of Eastcoast Housing to setting rent and determining rental subsidies in its long-term rental housing programs.
This policy applies to all long-term rental properties owned or managed by Eastcoast Housing under all relevant programs.
Eastcoast Housing sets rent/provides subsidised rent to fulfill its social mission and to ensure that its housing relieves households from rental stress.
Accordingly, Eastcoast Housing will:
- set rent/determine rental subsidies in accordance with established affordability benchmarks
- communicate clearly to applicants and tenants as to how Eastcoast Housing sets and reviews rent/ determines rental subsidies
- respond appropriately to changes in household circumstances to prevent undue hardship, and
- comply with its contractual, legal and regulatory obligations relating to affordability of rent.