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.
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
Please direct any questions
regarding this message to Betsy Krieger via email at email@example.com.