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Section 3
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  Asset Management > Program Compliance Accounting

 

> Rent Increases
 

MHDC sets rents for projects involved in the MHDC Fund Balance, Low Income Housing Tax Credit Compliance, and HOME programs. Requests should be as complete as possible to expedite processing. The window for submitting a rent increase is October 1st – December 31st.

 

All rent increase requests are required to be submitted on-line thru MHDC’s on-line system.  Please log on to https://amrs.mhdc.com to submit your rent increase.  The user name and password is the same user name and password used to access the budget and financial statement modules.  All rent increases submitted outside this window will not be processed.  The effective date will still need to be at least one year from the effective date of your last rent increase submission. MHDC will not accept mailed rent increase requests unless your property has 12 units or less.

 

 

 

 Rent Increase Procedures for Senior Properties

 
bulletRent increase requests for senior designated properties (i.e., properties for residents age 55 and older) are capped at the lower of the prior year Social Security Cost Of Living Adjustment (COLA) or the allowed 7% maximum. However, in years of back-to-back 0% COLA adjustments, the owner will be allowed to increase rents by a maximum of 2% in the 2nd year. MHDC will use the 2015 COLA for all rent increases approved with an effective date in 2016. Please visit www.ssa.gov/cola/automatic-cola.htm  for previous year COLA adjustments.
 
bullet2015 COLA – 1.7%; Owner may increase rents by a maximum of 2% for 2016.


Documents

 

bullet For Tax Credit Projects with MHDC or HOME Funds
 
bulletFor Tax Credit ONLY Projects (no MHDC or HOME funds)

 


Management Resources:

 

bullet

Exhibit A-21: Notice to Residents of Management’s Intention to Submit a Rent Increase Request to MHDC for Approval (posted here)

 

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Rent Increase Appeal Process
 

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Frequently Asked Questions (FAQ’s) about Rent Increases update 11-21-2012

 


 

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