HUD: Submit a Budget Based Rent Increase
Below is a recent update from Shawn M. Walkey, HUD Multifamily Southeast, regarding submitting Budget Based Rent Increase:
- Rent increases should ONLY be submitted when current rent levels are NOT sufficient to cover anticipated or unavoidable increases in operating costs.
- No material change in any of the supporting documents will be allowed after the initial submission.
- The Budget Worksheet (see attached template) must include the most current completed year's audited line items, be mathematically correct and be signed by an authorized representative of the owner/agent.
- HUD processing time is 30 days. Submissions that are not complete, accurate or correct may be returned.
- Rent increases that are not reviewed by a PBCA should be sent to ATL.email@example.com.
- Additional resources can be located: HUD Handbook 4350.1, Chapter 7; 24 CFR Part 245.305, Subpart D and Part 245.310; 24 CFR Parts 886.112 and 886.312; Housing Notices; HAP Contracts; PRAC Contracts; Regulatory Agreements, Section 8 Renewal Policy Guide; etc.