What is the maximum time frame for a property to renew its contract under OCAF?

Under the Operating Cost Adjustment Factor (OCAF) guidelines, the maximum time frame for a property to renew its contract is annually. This means that properties participating in the program can adjust their rental rates based on operating cost changes each year. This annual adjustment allows for timely reflection of economic shifts, such as increases in utilities, maintenance, and other operating costs, ensuring that property owners can maintain financial viability while still providing affordable housing.

Properties are encouraged to renew their contracts annually to accurately align rental rates with current market conditions and operational expenses. This frequent adjustment cycle helps ensure that both property owners and tenants remain in a balanced and sustainable rental environment. In contrast, longer time frames, such as biannually, every three years, or every five years, could lead to significant mismatches between rental prices and actual operating costs, which may not be conducive to maintaining quality housing service.