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HUD/OH RIN: 2502-AJ48 Publication ID: Spring 2020 
Title: Mark-to-Market Program Rent Adjustments (FR-6122)  
Abstract:

The Mark-to-Market program preserves affordability and availability of low income rental multifamily properties with federally insured program. The purpose of the Mark-to-Market program is to reduce rents to market levels by restructuring existing debt to levels supportable by these rents. This proposed rule would revise the Mark-to-Market program regulations to clarify that all annual adjustment of restructured rents under the program will be based on an operating cost adjustment factor determined by HUD. The current regulations authorize HUD to approve rent adjustments on a budget basis; however, HUD has never exercised this authority. This policy is reflected in all Mark-to-Market program renewal contracts, which specify that contract rents will be adjusted annually by an operating cost factor and that no other rent adjustments will be made during the term of the contract. The proposed rule will bring greater clarity to the Mark-to-Market program by conforming the regulations to longstanding HUD practice and the terms of the renewal contracts.

 
Agency: Department of Housing and Urban Development(HUD)  Priority: Substantive, Nonsignificant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Proposed Rule Stage 
Major: No  Unfunded Mandates: No 
EO 13771 Designation: Other 
CFR Citation: 24 CFR 401   
Legal Authority: 12 U.S.C. 1715z-1 and 1735f-19(b)    42 U.S.C. 1437(c)(8), 1437f(t)    1437f note and 3535(d)   
Legal Deadline:  None
Timetable:
Action Date FR Cite
NPRM  11/00/2020 
Regulatory Flexibility Analysis Required: No  Government Levels Affected: None 
Small Entities Affected: No  Federalism: No 
Included in the Regulatory Plan: No 
RIN Data Printed in the FR: No 
Agency Contact:
William A. Lavy
Policy Advisor
Department of Housing and Urban Development
Office of Housing
451 Seventh Street SW,
Washington, DC 20410
Phone:202 708-0001
Email: william.a.lavy@hud.gov