HUD has requested that RIHousing change how it processes OCAF (Operating Cost Adjustment Factor) rent increases. Starting on August 1, 2022 Asset Managers will now initiate the process by emailing the OCAF letter to each property manager, who will then sign and return the OCAF letter(s) to their Assigned Manager(s). Sites must sign and return the attached letter via email. If you believe the calculation is incorrect, please do the following:
Send in any documentation verifying a different debt service amount (mortgage statement) or different market rent potential amount (rent/roll);
Cross out figures on the letter that you believe to be incorrect and write in the correct amounts;
Sign the letter and return via email.
Please note: We will not be sending revised letters.We will inform you if the increase factor changes so you can provide the correct rents on the rent schedule.
If you have a utility allowance, please send in your new utility figures by either applying the Utility Allowance factor (if eligible) or performing a utility analysis. If you are due for an analysis (once every 3 years) please send a copy.
We will remind you of this new procedure when sending our letters out. Please contact your asset manager if you have any questions.
Community Solar Credits
Over the last several months, RIHousing’s Multifamily Housing department has received several requests from state and local governments about how they interpret community solar credits and when these credits can be excluded from income and utility allowance calculations. The MF Community Solar Credits Memo reflects how they have approached these requests to date and may be helpful to state and local government and owners as they consider these issues.
This memo is advisory only and does not set or change program guidance.
Family Self-Sufficiency Notice of Funding Opportunity
HUD has shared the Family Self-Sufficiency (FSS) Program Notice of Funding Opportunity (NOFO) for Fiscal Year 2022. For the first time, owners participating in HUD's Multifamily Section 8 project-based rental assistance program are eligible to apply for funding through this NOFO. The 60-day application period runs from August 4, 2022 to October 3, 2022. You can access the NOFO here.
Once you have reviewed the NOFO, submit any questions you may have to FSS@hud.gov. Please review the press release.
NEAHMA's RI State Quarterly Meeting
Join New England Affordable Housing Management Association (NEAHMA), RIHousing and Attorney Frank Flynn for our RI State Quarterly Meeting covering property inspections, what's new in 2022 and other topics and questions.
Event Details:
September 27, 2022, 9:00 am to 12:00 pm Centredale Manor Community Room 2074 Smith St, North Providence, RI Free for NEAHMA members. Non-members may register for $25.
Fiscal year 2023 Fair Market Rents have been released and can be found here.
Fiscal Year 2022 Annual Adjustment Factors have been released and can be found here.
Fiscal Year 2022 Utility Allowance Factors have been released and can be found here.
We'd love to hear from you!
We hope you've found this edition of Property Matters to be helpful to you and your work. If you have thoughts or suggestions for this e-newsletter, please share with us atpbca_eblast@rihousing.com.
RIHousing, 44 Washington Street, Providence, RI 02903
