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Section 3
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  Asset Management > Program Compliance Accounting

 

> Rent Increases
 

MHDC sets rents for properties 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.

 

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 request.  The user name and password is the same user name and password used to access the budget and financial statement modules.  Requests submitted outside this window are not processed.  The effective date of approved requests remain at least one year from the effective date of the last rent increase as evidenced on the approved Schedule II. MHDC will not accept mailed rent increase requests unless the property has 12 units or less.

 

 

Rent Increase Procedures for Senior Properties

 

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Rent 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 0% COLA adjustments, the owner will be allowed to increase rents by a maximum of 2%.  Please visit https://www.ssa.gov/OACT/COLA/colaseries.html for previous year COLA adjustments.
 

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2017 COLA – 2.0%; Owner may increase rents by a maximum of 2% for 2018

 

Documents

 

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For Tax Credit Projects with MHDC or HOME Funds
 

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For Tax Credit ONLY Projects (no MHDC or HOME funds)

 

Management Resources:

 

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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

 


 

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