COLUMBIA, S.C. — The Columbia Housing Authority has approved an increase in their flat rate rents.
The U.S. Department of Housing and Urban Development sets Fair Market Rent each year, and in Columbia, the Public Housing Program sets flat rents at a minimum of 80% of the Fair Market Rent to charge residents.
The rent raise this year was mandated by HUD.
Yvonne Bean, the CEO of Columbia Housing Authority explained that residents in low-income housing owned by the Columbia housing authority can either pay 30% of their income as their rent or opt into flat rate rent which is adjusted based on income.
"We have a very small pocket of families that are on flat rent, but they have the option to pay 30% of their income or pay the flat rent annually," Bean explained.
The increases will start in just 16 days. For studio apartments, rent will increase by $87 a month and for a 5-bedroom home, rent will increase by $181 a month. However, the increases will be phased into the rent gradually.
Lauren Taylor, the owner of Rent Haven which manages several properties owned by Columbia Housing, says the higher prices will have a major impact on her residents.
"I had a resident in my office earlier today, who was in her 80s, on a fixed income, and any type of adjustment to what she's going to have to pay is very significant for her," Taylor said.
Despite the mandated increase, Taylor says she and Columbia Housing will try their best to work with residents on the adjustment.