It is mandatory for the RCS appraiser to compare the RCS market rent to the "Median Rent by Zip Code" rent to determine if the RCS median rent exceeds 140% of the zip code rent. HUD issued a revised Chapter 9 of the HUD Section 8 Renewal Guidebook on December 1, 2016. Enter the comparable’s name and address at the top of each column. Show all comparables for one unit type on one grid. 2. HUD released Housing Notice H 2020-10 on November 6, 2020. Therefore, it is important to review both Chapter Nine of the Section 8 Renewal Policy and your … Why you should join NAHMA. The new Chapter 9 and the appendices are posted under “What’s New” “Revised Chapter 9 Rent Comparability Studies (Published 12/1/16, Effective 3/1/17)” at The new Chapter 9 and the appendices are posted under “What’s New” “Revised Chapter 9 Rent Comparability Studies (Published 12/1/16, Effective 3/1/17)” at  http://www.hud.gov/offices/hsg/mfh/mfhsec8.cfm. The purpose of a Rent Comparability Study (RCS) is to estimate “market” rents for each Section 8 unit type. Provide modifications to Chapter 7 of Handbook 4350.1 concerning budget-based rent increases for MAHRA contracts. For properties with a Utility Allowance, please remember that if a Utility Allowance Analysis results in a decrease in the Utility Allowance for any Contract Renewal or annual Rent Adjustment, that the Owner and Contract Administrator must follow the same tenant notification procedures. 1 Chapter Nine 2 Rent Comparability Studies 3 BACKGROUND 4 Section 9-1 5 A. Chapter 11 Lender Underwriting HUD Review 11.1 Lender Underwriting A. Pre-application. In conjunction with Section 524(a) of the Multifamily Assisted Housing Reform and Affordability Act, multi-family rental project Owners with expiring Section 8 project-based contracts or those who are refinancing subsidized properties are required to submit a Rent Comparability Study. The policy changes will be effective for all rent comparability studies signed by the appraiser after March 1, 2017. Option Two, Contract Renewals for Other Projects with Current Rents At or Below Comparable Market Rents Option One – A & B, Entitlement Mark-Up-To-Market (MU2M) Eligibility 2. Selecting rent comparables is a key element of effectively preparing a rent comparability study. For example, for Line 15 AC:  Central/Wall, the appraiser must use "C" for central, "W" for wall or "N" for none. Market rents … 1. the AE should follow the guidance in HUD Handbook 4370.2 Chapter 2. Because the RCS is submitted to HUD, it must meet specific requirements and guidelines. Chapter Nine Rent Comparability Studies BACKGROUND Section 9-1 A. Recently, HUD issued revised instructions for the RCS as part of the reform process. The Department has undertaken a number of initiatives to improve the development and review of rent comparability studies, and this revised Chapter 9 … On Monday, September 21st, HUD announced it's giving additional funding to 15 Fair Housing Assistance Program (FHAP) agencies. New Chapter 9 “Rent Comparability Studies” of The Section 8 Renewal Policy Guide Posted On December 1, 2016, the Department issued substantial revisions to Chapter 9 – Rent Comparability Studies, which is part of the Section 8 Renewal Policy Guide. Username: Password: Forgot Password? The Rent Comparability Studies are prepared in accordance with the Uniform Standards of Professional Appraisal Practice (USPAP) and the supplemental standards of HUD Chapter 9. HUD Sec.8 Rent Comparability Study (RCS) In a changing market we recognize that the rent study is critical to making safe and sound investment decisions Our professionals provide individually tailored solutions for public agencies, lenders, developers, investors, corporations and property owners faced with diverse real estate issues and opportunities. HUD posted a series of four videos about rent comparability studies (RCS) based on the recently revised Chapter 9 of the Section 8 Renewal Policy Guide (see Memo, 7/17). Recently, HUD issued revised instructions for the RCS as part of the reform process. HUD has come up with thresholds for adjustments beyond a "nominal amount". Section 8 Renewal Policy Guide (published June 2017) 140% of Census Median Rent by Zip Code Table (December 2019) Effective for any RCS signed by the appraiser on or after February 11, 2020 New Memo: Clarification on Use of Median Gross Rents for High Cost Zip Codes When Determining HUD Rent Comparability Study Requirements On December 1, 2016, HUD issued an update to Chapter 9 of the Section 8 Renewal Policy guidebook. Is Rent Comparability Study Required? OWNER’S COVER LETTER FOR RENT COMPARABILITY STUDY. The Rent Comparability Study (RCS) is HUD’s tool for estimating market rents for Section 8 projects. The revised guidance applies to any Rent Comparability Study signed by the appraiser on or after March 1, 2017. HUD has become very specific in how an appraiser answers the grid and category questions. Please login to access NAHMA exclusive content. Chapter 9 has been completely reorganized and … Recently, HUD issued revised instructions for the RCS as part of the reform process. 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