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HOME Rent Limits – re-visited

Written by Lois Churchill, Spectrum Enterprises

A while back I posted a blog letting everyone know that the 2013 HOME rent limits had been published.  In that blog I made a few mistakes.  See the link here.

The blog says “While income limits for existing HOME properties are ‘held harmless’ rent limits were not supposed to be but have been – up until now.”

What I meant to say was that while income limits are not “held harmless” rent limits were supposed to be. Income limits were never meant to remain the same if there was a decrease but in 2010 HUD published in a Federal Register that rents for HOME projects would be. Well, that’s also not exactly true. Rather than me trying to explain it all, I will refer you to an article written by Luc Le and Thomas Stagg of Novogradic & Company. It does a good job. It can be found on their web site.

The bottom line is, if you want to know what your 2013 HOME rent limits are, go to the HUD web site and use what’s published there. For at least this year, you may not continue to use your 2012 rent limits if they have gone down. Again, this is very important if you have HOME and LIHTC because while your LIHTC rents may be held harmless you will still have to lower the rents if they exceed the new HOME maximum allowable rents.

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