MAHRAAMultifamily Assisted Housing Reform and Affordability Act of 1997
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It would appear that HUD is trying to avoid increasing future rents using the OCAF adjustment factor to above-market rents, as was the case prior to MAHRAA.
Although MAHRAA does give HUD the authority to increase current contract rents to market, HUD notice 99-32 (December 1, 1999) limits the rent to the OCAF-adjusted rent or a budget-based rent not to exceed comparable market rents, with one exception.
MAHRAA provides a number of approaches to help projects offset the effects of the rent reductions.
98-34) that no original issue discount taxable income is generated because projects subject to MAHRAA are exempt from IRC section 7872.
MAHRAA requires project-based assistance when the project is in a tight market, defined as a vacancy rate of 6% or less (based on census statistics of the 75 largest metropolitan areas--New York City is a tight market), is occupied at least 50% by elderly (at least 62 years of age) or disabled tenants, or is a nonprofit cooperative housing project.