Annual rent increase allowance. The Director annually shall calculate a rent increase allowance for regulated rental units applicable to rental lease renewals equal to the lesser of: CPI-U plus 3 percent; or 6 percent. Notwithstanding the provisions of Subsections (1) and (2) of this Subsection, the rent increase allowance for a regulated unit in an age restricted senior housing facility with a twelve (12) or twenty-four (24) month lease may not exceed the lesser of the CPI-U or 4.5 percent. Duration. A rent increase allowance under Subsection (a) remains in effect for a 12-month period, beginning July 1st of each year and ending on June 30th of the following year. By May 1st of each year, DPIE shall provide notice to the public of the annual rent increase allowance under Subsection (a), above, that will become effective on July 1st of that year.