HUD-2009 HOMERental PJ
Compliance in HOME Rental Projects: A Guide for PJs provides advice to PJs on how to nurture compliant HOME projects. For purposes of this guide, a compliant HOME project is a financially viable project that is maintained in standard condition and rented at affordable rents to low- and very low-income tenants, in accordance with HOME rules, for the entire period of affordability.
The guide is comprised of two parts. Part I of the guide, Selecting and Managing HOME Rental Properties, reviews the PJ's role in laying the foundation for a successful and compliant rental program, and reviews specific HOME regulatory requirements that directly impact rental property management functions that are carried out by the owner or a property manager: HOME income limits, rent restrictions, unit mix requirements, tenant rights, and property standards requirements. PJs can use the information in Part I to provide technical assistance to owners and property managers. Part II of the guide, The PJ's Role in Ensuring Long-Term Compliance, focuses on the PJ's role in monitoring during the affordability period, and the importance of PJ intervention when things go wrong.
This guide carries lessons that are important to HOME program managers, monitoring staff, underwriters and project management staff. This guide assumes that the reader understands the basic rental requirements of the HOME Program. Newcomers to the HOME Program, or readers who may need to refresh or update their knowledge of these requirements should review Building HOME. This training manual is available through the local HUD Field Office or on the HOME Program web page at: www.hud.gov/offices/cpd/affordablehousing/training/materials/building/index.cfm.
HUD has issued a companion HOME model program guide entitled, Compliance in HOME Rental Projects: A Guide for Property Owners, that PJs can provide to property owners and managers to educate them about HOME's long-term rental compliance requirements.