The owner/agent must collect a Security Deposit at the time of the initial lease execution. The owner/agent will comply with any HUD rules and applicable state and local laws governing the security deposit.
The Security Deposit amount is based on the Total Tenant Payment (TTP) calculated at move-in.
If the move-in certification is corrected, and the TTP is recalculated, the Security Deposit requirement will be recalculated as well. Otherwise, the amount of the security deposit established at move-in does not change when a resident's rent changes.
The resident is expected to pay the Security Deposit from his/her own resources and/or other public or private sources. An applicant may enter into a payment plan lasting no longer than three (3) months if he/she does not have sufficient funds to pay the deposit.
The Security Deposit will be used by the CHRC at the termination of the lease toward any rent or other charges owed; charges for the cost of repairing any damages to the dwelling either caused by the resident, his/her family, guests, or dependents; any cleaning charges, waste removal charges, or other charges as outlined in the lease and CHRC policies.