Rent Adjustments in the Mark-to-Market Program
Abstract
The Mark-to-Market program preserves affordability and availability of affordable rental multifamily properties with federally insured mortgages, reducing rents to market levels by restructuring existing debt to levels supportable by these rents. This final rule revises the Mark-to-Market program regulations to clarify that annual adjustment of restructured rents under the program will be based on an operating cost adjustment factor determined by HUD and to further clarify when HUD may approve rent adjustments on a budget basis. This final rule will bring greater clarity to the Mark-to-Market program and will align HUD's regulations with recent legislative changes that specifically allow budget-based rent adjustments for the program.
Federal Register Source
This document is published by the Office of the Federal Register, National Archives and Records Administration. Access the full regulatory text, preamble, and docket comments below.
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Frequently Asked Questions
What is the 2024-04081 Federal Register document?
Document 2024-04081 is a Final Rule published by the Department of Housing and Urban Development in the Federal Register on February 28, 2024, with an effective date of March 29, 2024. The Mark-to-Market program preserves affordability and availability of affordable rental multifamily properties with federally insured mortgages, reducing rents to market levels by restructuring existing debt to levels supportable by these rents. This final rule revises the Mark-to-Market program regulations to clarify that annual adjustment of restructured rents under the program will be based on an operating cost adjustment factor determined by HUD and to further clarify when HUD may approve rent adjustments on a budget basis. This final rule will bring greater clarity to the Mark-to-Market program and will align HUD's regulations with recent legislative changes that specifically allow budget-based rent adjustments for the program. View the original at https://www.federalregister.gov/documents/2024/02/28/2024-04081/rent-adjustments-in-the-mark-to-market-program.
Is document 2024-04081 an economically significant rule?
No. Document 2024-04081 is not classified as economically significant under Executive Order 12866. Economically significant rules require OIRA review and are estimated to have impacts of $100 million or more per year.