Riverdale Housing Co-operative

4. ABATEMENTS (June 3/82)

4.1 An abatement is a short-term reduction of housing charges down to a minimum of $200 under extraordinary circumstances. Abatements will be granted for a maximum of three months. A request for renewal must be submitted each month.

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4.2 Abatements are available subject to:

a.) the availability of funds in the subsidy pool.

b.) the unit’s housing charge does not fall below 25% of gross annual income.

c.) all requirements of the application procedure are met.

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4.3 Requests for abatement must be submitted in writing to the Finance Committee no later than four (4) days before the first of the month requested.

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4.4 The request must state specific financial circumstances, expected duration and provide evidence the abatement will not reduce housing charges to below 25% of gross annual income.

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4.5 Members who have not submitted income verification for the current year must include verification with the request.

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4.6 Upon acceptance of an abatement, the Finance Committee retains the right to review the applicant’s annual income to ensure the abatement did not lower annual housing charges to below 25%. The Committee will use the next income verification to conduct the review.

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4.7 Should the review reveal housing charges below 25%, the Finance Committee shall classify the portion of the abatement below 25% as an amount owing to the Co-op and proceed to negotiate a fair and reasonable repayment schedule with the member.