If you are renting an SRO? or non-qualfying employee, your lease is month-month. Any employee that qualifies for subsidized housing, or regular tenants, they will sign a 1 year lease. After the 1 year lease, the second lease will be valid until the end of December. After that, you would have a new 1 year lease.
In example, if you signed a lease from July 1 2026 – June 30 2027, then your second lease will run from July 1 2027 – December 31 2027. Your future leases will be from January 1 – December 31. This is designed to make it easier for adjustments on rent to be applied for the subsidized housing. Your rent will increase along with your income at 30%-35% income for rent. You are required to report any income changes to the realty office no matter when your lease expires. This is a requirement for you to receive subsidized housing.
Any employee not in a qualifying apartment will be required to move out within 60 days of leaving the employ of FSP Realty. This is to allow another employee to have your spot, and you will not get any discounts while you are not employed by FSP Realty. Therefore, if a 3B apartment on the 10th floor is too expensive for you to rent, then this will become a problem for you, and you might get a reduced last check if you can not pay while not being employed. This is why your rental lease is month to month unless you are in subsidized housing.
If you are in subsidized housing, then you are living in a unit between floor 11, and floor 40. You will be on the subsidized housing program, but you will not get any discounts since you will not be employed by FSP Realty. This will obviously affect how much you are paying. If you are an employee and a subsidized tenant, then $1,185 will subtract from what you are required to pay. If this amount is less than $1,185, your rent will be $0. If your rent is more than $1,185 – then you subtract, and what’s left is your responsibility to pay. If your portion is less Thant $1,185 – you will not get cash in return for the discount being more than your portion of the rent.