What does "contract rent" mean in the HCV program?

In the context of the Housing Choice Voucher (HCV) program, "contract rent" refers to the total rent agreed upon in the lease between the landlord and the tenant. This figure encompasses the complete monthly rent amount that the landlord will receive for the property, regardless of what portion is paid by the tenant themselves and what portion is covered by the housing assistance subsidy provided through the HCV program.

Understanding this concept is crucial, as it highlights the nature of the landlord-tenant relationship within the HCV framework. The contract rent must align with the rent reasonableness standards set forth by the HCV program, which ensures that the rent is comparable to similar unassisted units in the neighborhood.

The other options clarify different aspects of the rental process. The portion of rent covered by the subsidy is not the contract rent itself but rather the amount that HUD pays on behalf of the tenant. The initial rental offer from the landlord may be different from the final contract rent agreed upon. Finally, while HUD does set maximum allowable rent limits based on payment standards, this does not define the contract rent either, as the actual contract rent must be mutually agreed upon by both landlord and tenant.