Multi-Family

Completed Construction

Adare building exterior

HOME Funded Multi-Family Projects

Once a HOME funded Multi-Family construction project is complete we must monitor for compliance during the affordability period of the project.


On-going Monitoring Requirements and Record Keeping

  • Compliance with applicable property standards
  • Annual Tenant Rent Roll and Occupancy
    • The income and number of persons occupying HOME assisted units
    • The rent levels must be consistent with the terms of the Regulatory Agreement for HOME assisted units.
  • Annual Financial Reports
  • Annual Audit
  • Board Member Review for compliance with 1/3 Board Members meeting income and Low-Moderate income households
  • Tenant Lease Agreements and HOME Rider
  • Affirmative Marketing Plan
  • HQS (Housing Quality Standards) Inspection
  • Compliance with relocation requirements, if applicable
  • Equal opportunity and fair housing practices

Per 24 CFR Part 92.252, HUD provides the following maximum HOME rent limits. The maximum HOME rents are the lesser of:

  1. The fair market rent for existing housing for comparable units in the area as established by HUD under 24 CFR 888.111; or
  2. A rent that does not exceed 30 percent of the adjusted income of a family whose annual income equals 65 percent of the median income for the area, as determined by HUD, with adjustments for number of bedrooms in the unit. The HOME rent limits provided by HUD will include average occupancy per unit and adjusted income assumptions.

In rental projects with five or more HOME-assisted rental units, twenty (20) percent of the HOME-assisted units must be occupied by very low-income families and meet one of following rent requirements:

  1. The rent does not exceed 30 percent of the annual income of a family whose income equals 50 percent of the median income for the area, as determined by HUD, with adjustments for smaller and larger families. HUD provides the HOME rent limits which include average occupancy per unit and adjusted income assumptions. However, if the rent determined under this paragraph is higher than the applicable rent under 24 CFR 92.252(a), then the maximum rent for units under this paragraph is that calculated under 24 CFR 92.252(a).
  2. The rent does not exceed 30 percent of the family's adjusted income. If the unit receives Federal or State project-based rental subsidy and the very low-income family pays as a contribution toward rent not more than 30 percent of the family's adjusted income, then the maximum rent (i.e., tenant contribution plus project-based rental subsidy) is the rent allowable under the Federal or State project-based rental subsidy program.

Apartment Buildings

Fair Market Rents

Fair Market Rents (FMR) are established by HUD each year for the Section 8 Program. For more information about the annual calculation of Fair Market Rents, visit  HUDUSER.ORG, the website for HUD's Office of Policy Development and Research.

The Fair Market Rents for unit sizes larger than 4 bedroom are calculated by adding 15 percent to the 4 bedroom FMR for each extra bedroom. For example, the FMR for a 5 bedroom unit is 1.15 times the 4 bedroom FMR, and the FMR for a 6 bedroom unit is 1.30 times the 4 bedroom FMR, and so on.

5 Bedrooms=1.15x4 Bedrooms Fair Market Rent
6 Bedrooms=1.30x4 Bedrooms Fair Market Rent
7 Bedrooms=1.45x4 Bedrooms Fair Market Rent
8 Bedrooms=1.60x4 Bedrooms Fair Market Rent
9 Bedrooms=1.75x4 Bedrooms Fair Market Rent
10 Bedrooms=1.90x4 Bedrooms Fair Market Rent
11 Bedrooms=2.05x4 Bedrooms Fair Market Rent
12 Bedrooms=2.20x4 Bedrooms Fair Market Rent

Note: The FY 2020 HOME Rent Limits effective date is July 1, 2020.

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