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 systems. 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.
New Rent Increase Procedure Changes
 |
Rent increase requests for all
elderly designated properties will be capped at the Social Security COLA
adjustment instead of the allowed 7% maximum. MHDC will use the 2008
COLA for all 2009 Rent Increases. Please visit
www.ssa.gov/cola/automatic-cola.htm
for previous year COLA adjustments. |
| The 2008 Social Security COLA is 2%. |
Documents for Tax Credit Projects with MHDC or HOME Funds
The following documents are applicable to rent increases for properties
that have more than a tax credit only relationship with MHDC:
- On-line Rent Increase Submission Procedures updated 10-15-2008
- Rent Review Worksheets Used Internally by MHDC updated 10-15-2008
Documents for Tax Credit ONLY Projects (no
MHDC or HOME funds)
If a project ONLY has a tax credit allocation from MHDC
(and the project desires a rent increase of no more than 7% or
the
Social Security COLA adjustment %),
then the following documents refer to the rent increase
procedures that are applicable to these projects:
-
Tax Credit Only On-Line Rent Increase Submission Procedures updated 10-15-2008
-
Tax Credit Only Schedule II for 12 units or less updated 10-15-2008
-
Tax Credit Only Schedule II (Section 8) for 12 units or less update 10-15-2008
Management Resources:
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|
Frequently Asked Questions (FAQ’s) about Rent Increases update 10-15-2008 |
