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 email@example.com.