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Clarification on OCAF Rent Increases

Friday, October 14, 2011

Earlier this year, HUD provided guidance disallowing Owners from requesting a "Funding Only" rent adjustment in lieu of a Budget based or an OCAF rent increase.

In a memo issued by The Office of Multifamily Housing on October 12, 2011, HUD is now issuing a broader interpretation of the Section 524 of MAHRA rules.

If an owner does not wish to have a rent adjustment for their upcoming fiscal year, they may now submit a 0% budget-based rent increase request in lieu of the OCAF adjustment by providing HUD with a written certification that the owner has reviewed the project's income and expenses and elects a 0% budget-based rent adjustment for the year.   HUD will be providing a sample certification form in the near future.

Owners and Agents are encouraged to contact the PBCA if they have any questions or concerns on this clarification.

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