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2015 HOME Income and Rent Limits, New Reporting Procedures for Owners  

On May 11, 2015, HUD released the 2015 HOME Income Limits. The HOME Income Limits are calculated using the same methodology that HUD uses for calculating the income limits for the Section 8 program, in accordance with Section 3(b)(2) of the U.S. Housing Act of 1937, as amended. These limits are based on HUD estimates of median family income, with adjustments based on family size. The Department's methodology for calculating nationwide median family income figures is described in Notice PDR-2001-01. Projects that are constructed or rehabilitated using HOME, but not tax credits, must use the 2015 HOME income and rent limits. Tax credit projects with HOME must use the 2015 HOME limits for all HDAP-assisted units. The new limits are effective June 1, 2015. 

 

The HOME 2015 Income Limits can be found here and are also available in the Program Compliance section of the OHFA website.

 

New Reporting Procedures for Owners with HOME-Assisted Projects

Owners of projects that have received HOME funds are now required to submit an OHFA HOME Rent Approval Form each year. This new reporting requirement is the result of the 2013 Final HOME Rule.    

 

The 2013 Final HOME Rule amends §92.252(f)(2), which requires that a Participating Jurisdiction (PJ) review and approve rents for each HOME-assisted project annually to ensure that the project complies with the HOME limits and do not result in undue increases from the previous year.  Prior to 2013, PJs were required to approve initial rents, then provide the published maximum HOME rents to project owners and examine reports submitted by owners that report the rents and occupancy data of all HOME-assisted units.

 

Owners must certify what 2015 HOME rent will be used at the subject property and submit the OHFA Rent Approval Form no later than July 15, 2015. The HOME Rent Approval Form should be sent directly to the OHFA Compliance Analyst assigned to the subject property via email or regular mail. 

 

Owners who fail to submit the Rent Approval Form by July 15, 2015 will be placed on OHFA's HOME Watch List and OHFA's Office of Planning, Preservation and Development will be notified.  Allocation of funding is subject to application submission timeliness.

 

Please direct any questions regarding this message to Betsy Krieger via email at bkrieger@ohiohome.org.