Recipients of HOME-assisted properties must implement the 2018 HOME rent limits and submit a HOME Rent Approval Form to OHFA by July 16, 2018.

 

 

2018 HOME Rent Limits Published and Rent Approval Submission 

 

 

Recipients of HOME-assisted properties must implement the 

2018 HOME rent limits and submit a HOME Rent Approval Form to OHFA by July 16, 2018. 

 

 

The 2018 HUD published HOME rents are effective June 1, 2018. Recipients of projects that have received HOME funds are required to submit an OHFA HOME Rent Approval Form on an annual basis. The 2018 HOME rents must be implemented 45 days from the effective date or July 16, 2018. HOME Recipients who fail to submit the Rent Approval Form may be placed on OHFA’s Watch 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 Watch List.

 

The requirement to submit a HOME Rent Approval Form is the result of HUD's 2013 Final HOME Rule. The 2013 Final HOME Rule amends §92.252(f)(2) to require that a participating jurisdiction (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. This requirement does not apply to recipients who received funding for other types of HDAP or Gap Financing such as Ohio Housing Trust Funds.

 

HOME recipients must submit the OHFA Rent Approval Form for OHFA HOME funded properties by July 16, 2018. The HUD published limits are available on the Rent and Income page of the Program Compliance section of OHFA's website. 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.