#Equal housing opportunity rentals manual#
#Equal housing opportunity rentals code#

Please visit our Updates page to review our previous notifications related to rent increase policy.Welcome to the New Jersey Money Follows the Person (MFP)/I Choose Home NJ Housing Resource page. The new rent increase policy applies to all projects in the LIHTC and HOME programs. Effective, only (1) rent increase per recertification period may be implemented for each in-place tenant.Effective, proposed rent increases that exceed 5% of the net tenant rent for in-place tenants will require 120 days’ written notification of the increase to the tenant, with the option for the tenant to terminate the lease contract with no penalty or fees.The below information has been retained for archival purposes.

#Equal housing opportunity rentals manual#

Please review the DCA LIHTC & HOME Compliance Manual for the Rent Increase Policy. The deadline to submit HOME Rent Approval Forms was September 30, 2021. The 2021 DCA HOME Rent Approval Form is available here. If you did not submit your 2021 HOME Rent Approval form, please do so immediately to get back into compliance. ***NOTICE OF NONCOMPLIANCE*** 2021 HOME Rent Approval forms are now overdue. *If there was a decrease in the rent limits for your property, the rent charged and accepted after July 1, 2021, must be below the published rent limits. *HOME grantees may not use rent limits until the effective date of the rent limits each year The deadline to submit 2022 HOME Rent Approval Forms is September 30, 2022. The 2022 DCA HOME Rent Approval Form is available here. The posted rent limits are the maximum amounts that may be charged for HOME assisted rental units. You can sign up here to be included on the HUD Exchange Mailing list, to receive messages for any updates on income limits and the HOME program. The 2022 HOME Rent Limits have been posted here to the HUD Exchange website. Please visit the FDIC site here to review your limits and contact any questions concerning your limits.

Income and Rent limits for 2022 have been posted to the FDIC Affordable Housing Program website. The income limits are calculated in accord with IRS Revenue Ruling 2020-4 *FDIC LIMITS*

The Consolidated Appropriations Act of 2018, added a 3rd minimum set-aside test, the average income test for LIHTC projects.Ĭlick here to view the income averaging limits (20%, 30%, 40%, 50%, 60%, 70%, 80%) based on the FY 2019 Multifamily Tax Subsidy Project (MTSP) Income Limits for any area of the country selected by the user.

#Equal housing opportunity rentals code#

MTSPs are projects funded with tax credits authorized under Section 42 of the Internal Revenue Code (IRC) and projects financed with tax exempt housing bonds issued to provide qualified residential rental development under IRC Section 142.

Project Placed-in-Service Date (to include HERA Special, Gross Floor Rent Determination, LURC and/or LURA Rent Restrictions and Set Asides)īe sure to consult with your Management Company, Compliance Department, Owner, Legal Counsel, and/or Accountant, to confirm and verify the accuracy of any posted rents used in your calculation and rent determination.

Posted income limits and corresponding rental rates may not be applicable to your specific property and its Placed-In-Service date.įactors to consider when calculating rents would include: Click HERE to determine your county's corresponding income limits, effective April 18, 2022. The 2022 Multifamily Tax Subsidy Projects (MTSP) Income Limits have been posted to the HUD website. Rent and Income Limits Income Limit Updates