HOME Rent Limits ensure that units built using HOME funds are affordable to low- and very low-income households. For any Multifamily housing development project using HOME funds, a certain portion of units must be designated as "High HOME" units and some may be need to be designated as "Low HOME" units. In the Rents and Income tab of the Template, you will determine exactly how many units fall into these categories. In this section of the Template, however, you are simply identifying the maximum rents a property owner may charge for High and Low HOME units in a given area.
The HOME rent limit for a given unit is the maximum rent a property owner may charge for the unit. This amount will depend on whether the unit is a High or Low HOME unit.
HOME rent limit data is available online from FY 1998 to the present. If you do not already have access to this information for your community, view HOME rent limit data for the appropriate fiscal year. Once you have opened the file for the appropriate fiscal year, find your geographic region and enter the data from the first two rows (Low HOME Rent Limit and High HOME Rent Limit) into the HOME rent limits rows on the Template.