Apply Three Income Calculation Rules to Section 221(d)(3) BMIR Units that Don’t Get Other Assistance
For Section 221(d)(3) and (d)(4) BMIR multifamily housing, HUD subsidizes an owner’s mortgage by lowering the mortgage interest rate. Sites subsidized under this program are sometimes referred to as Below Market Interest Rate (BMIR) property. Rents aren’t based on a percentage of a tenant’s income, but are a flat amount that HUD approves. In a number of these developments, however, there may be other rental assistance under the Rent Supplement or Section 8 project-based assistance programs for some or all units that will change these rent rules.