MISSISSIPPI HOME CORPORATION (MHC)
RELEASE OF 2020 HOME PROGRAM RENT LIMITS
PROGRAM BULLETIN #20-006-2
TO: Potential Applicants, Recipients and Subrecipients of HOME Awards
FROM: MHC /Federal Programs
SUBJECT: FY 2020 HOME Program Rent Limits
DATE: June 29, 2020
MHC is issuing Bulletin #20-006-2 to announce the issuance and effective date of the FY 2020 HOME Program Rent limits. The FY 2020 effective date of these limits is July 1, 2020. The 2019 Rent limits remain in effect until July 1, 2020.
The 2020 HOME Rent Limits are the maximum amount that may be charged for rent in HOME-assisted rental units and are applicable to new HOME leases and lease renewals after the effective date. The maximum HOME rent limits are established in Section 215 of the Cranston-Gonzalez National Affordable Housing Act of 1990 (NAHA), as amended. The High HOME Rent Limit for an area is the lesser of the Section 8 Fair Market Rent (FMR) for the area or a rent equal to 30 percent of the annual income of a family whose income equals 65 percent of the area median income, as determined by HUD. The Low HOME Rent Limit for an area is 30 percent of the annual income of a family whose income equals 50 percent of the area median income, as determined by HUD, capped by the High HOME Rent Limit. HUD’s Economic and Market Analysis Division calculates the HOME rents each year using the FMRs and the Section 8 Income Limits.
A complete set of the 2020 HOME Rent Limits is posted on the HOME Program web page on the respected program pages at https://www.mshomecorp.com/federal-programs/home/.