| Rental
Apartments  Number
of Rental Apartments
There are 60 rental apartments in “A” Building;
50 are 1-bedroom units and 10 are 2-bedroom units. There are 60 rental apartments
in “B” Building, all of which are 1-bedroom units. Bedsitting rooms
are also available. Types
of Rent
There are two types of rent in the Village buildings: market rent
and rent-geared-to-income, also called RGI. - Market
Rent
Market rent is about the same amount of rent a resident would
pay for his/her unit if a private landlord owned it. - Market Rent
Increases
Market rent changes annually (April 1). Since the Village
is a not-for-profit corporation and the amount of government money received is
fixed, cost increases are often covered by increased rent.
A resident will
receive at least 90 days’ notice prior to any rent change. The rent cannot
be increased more than once every twelve (12) months.
- Rent-Geared-To-Income
(RGI)
RGI is subsidized rent. If a resident is paying rent-geared-to-income,
he/she will pay rent equal to about 30% of the combined income of everyone living
in his/her home. The government sets the rules for how RGI is calculated. - RGI
Rent Increases and Decreases
If a resident is paying rent-geared-to-income,
his/her rent may change (increase or decrease) each time that the gross household
income changes. All rent-geared-to-income resident rents are formally reviewed
annually. Back
to Top
Rental Apartment/Life Lease Overview
The Rental Apartment/Life Lease Overview (click to download and print) compares rental apartments to life lease opportunities.
Back to Top | 
