Dear Municipal Housing Liaisons (MHL) and Administrative Agents (AA)
As of February 1, 2015, HUD has adjusted the rate at which interest is imputed on assets not earning a verifiable interest rate to 0.06%, down from the 2% that HUD had also been using. COAH will track to HUD’s rate and is now advising that certifications use 0.06% as the savings interest rate where you had been using 2%. This rate will be adjusted annually by HUD, and COAH will inform you annually what the rate will be for the year. If you have any questions about this change, please contact Heather Mahaley at heather.mahaley@dca.nj.gov. The HUD announcement that discusses this change can be found here.
