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2015 HOME Rent Approval Forms and New Reporting Procedure

 

The deadline is fast approaching. Owners/Recipients of HOME-assisted properties must submit a HOME Rent Approval Form by July 15, 2015. Owners/Recipients who fail to submit the Form will be placed on a HOME Delinquency List and OHFA's Office of Planning, Preservation and Development will be notified. Allocation of funding for new projects may be impacted for Owners/Recipients who are on the HOME Delinquency List.

 

Owners/Recipients of projects that have received HOME funds are required to submit an OHFA HOME Rent Approval Form (OHFA HOME Rent Approval Form) on an annual basis. This new reporting requirement is the result of the 2013 Final HOME Rule. The 2013 Final HOME Rule amends §92.252(f)(2) to require that a PJ (The Ohio Housing Finance Agency) must review and approve rents for each HOME-assisted rental project each year to ensure that the project complies with the HOME limits and that they do not result in undue increases from the previous year.  

 

In the pre-2013 Rule, 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 on an annual basis. Owners/Recipients must certify what the 2015 HOME rent will be at the subject property. The HUD published limits are available on the Rent and Income page of the Program Compliance section of OHFA's website. Owners/Recipients must submit the OHFA Rent Approval Form by 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.

 

Please direct any questions regarding this message to Betsy Krieger, Director of Program Compliance via email at bkrieger@ohiohome.org.