Rent Increases
The window for submitting rent increase requests is open from October 1st to December 31st. Properties submitting a rent increase request have the option to request either a basic/automatic rent increase subject to compliance testing or a budget based rent increase which would allow for a rent increase up to a maximum as determined by MHDC. Developments electing Average-Income Set-Aside, the income and rent levels will be assigned from the beginning based on the market study submitted at the time of application. MHDC will input the income levels into AMRS so developments can track the range for every potential income and rent level. All MHDC-approved rent increases are issued on Form Schedule II.
Rent Increase Requirements and Procedures
To be considered for a basic/automatic rent increase, the following requirements must be met:
MHDC Compliance Testing
When a rent increase is received by MHDC, the request is reviewed and tested for the following:
A Schedule II reflecting approved rents will be issued as long as the property can demonstrate that they are in compliance with the above list. Rents MUST NOT be implemented before the effective date or before a signed Schedule II has been provided to the owner or the managing agent. In the event the owner/management has not complied with the list above, the Schedule II will be placed on hold until the non-compliance is corrected.
Budget Based Rent Increase Requirements and Procedures
Rent Increase Requirements and Procedures - Senior Properties
FAQ Rent Increases