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1975 assessment” [Section 2 of Article XIIIA of the California Constitution].
The proposed initiative benefits homeowners by increasing the $7,000, current homesteading exemption to $200,000, which would save homeowners approximately $2,000 in property taxes each year. In addition, the proposal seeks an increase in the renters’ credit and also seeks to encourage housing development and construction by streamlining local government approvals.
CITY OF INGLEWOOD: CURRENT ALLOWABLE ANNUAL RENT INCREASES
With the annual Consumer Price Index (CPI) at approximately 3.6%, the City of Inglewood recently published its allowable, annual rent increase amounts for rental properties with four or fewer units at 8.6% (5% plus CPI) and for 5 or more units at 3.6% (CPI or 3%, whichever is greater). For rental units charging 80% or less than the “Fair Market Value” rents and upon approval of the City, the allowable annual rent increase amount for rental properties with four or fewer units is 10% and for 5 or more units the allowable increase is 8.6%.
SECTION 8 UPDATE: HUD INTERIM RULE ON 30-DAY NOTICE-TO-VACATE
The U.S. Department of Housing and Urban Development (HUD) has published an interim rule that prohibits the eviction of tenants facing eviction for nonpayment of rent from HUD-subsidized public housing and certain properties with project-based rental assistance without providing a 30-day notice period that includes information about available federal emergency rental assistance. The rule follows along with HUD’s interpretation of the CARES Act notice to vacate requirement and their public statements which signaled their intention to make this a permanent requirement in federally assisted housing under their purview. While aspects of HUD’s Interim Rule are still being interpreted, the following are some of the key provisions:
LIVABLE’S SMART SAVER TIP OF THE MONTH
As temperatures begin to dip, think about easy ways you can cut back on the heating bills in your properties. Caulk gaps around windows to reduce drafts. Put programmable thermostats in the common area so you can account for temperature fluctuations and daytime hours when tenants are typically away from the property. Clean HVAC filters every few months, so the system does not have to work as hard to be effective. If your property has a basement or attic, make sure they are insulated. For a bigger investment, consider replacing single- pane windows with double-pane. Up to a quarter of a property’s heat loss can be attributed to windows. To find out how Livable can save you money, check out http://www.livable.com/apn/ or call (877) 789-6027.
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CS-4 NOVEMBER 2021 - APARTMENT MANAGEMENT MAGAZINE
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