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HUD/OH RIN: 2502-AJ48 Publication ID: Fall 2021 
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 rule revises 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 rules 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: Final Rule Stage 
Major: No  Unfunded Mandates: No 
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  07/16/2020  85 FR 43165   
NPRM Comment Period End  09/14/2020 
Final Action  02/00/2022 
Regulatory Flexibility Analysis Required: No  Government Levels Affected: None 
Small Entities Affected: No  Federalism: No 
Included in the Regulatory Plan: No 
Public Comment URL: https://www.regulations.gov/docket?D=HUD-2020-0046  
RIN Data Printed in the FR: No 
Agency Contact:
William A. Lavy
Director, Program Administration Office
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