Get Prac Operating Cost Increase Checklist 2009-2025

Filling out the PRAC Operating Cost Increase Checklist online is essential for requesting an increase in operating expense amounts for a PRAC Contract. This guide provides you with detailed, step-by-step instructions to help you complete the form accurately and efficiently.

Follow the steps to complete the checklist correctly.

1. Click ‘Get Form’ button to obtain the checklist and open it in your preferred online editing tool.
2. Enter the project name and FHA number in the designated fields. Ensure that the information is accurate and up-to-date.
3. Proceed to Section 1, which requires compliance with Tenant Comment Procedures. Confirm that you have followed the necessary protocols, including a notice to tenants at least 30 days prior to submission.
4. Document tenant comments in the appropriate area, or indicate that no comments were received.
5. Fill out the Budget Worksheet, detailing revenue and expense figures from the project's last fiscal year and providing year-to-date figures for the current fiscal year. Have a narrative ready for any increase over 5%.
6. Complete the Owner’s Certification regarding purchasing practices and the reasonableness of expenses.
7. Provide details for requests regarding the Reserve For Replacement Escrow Account and check the 'N/A' box if no adjustment is needed.
8. List any increases or decreases in tenant-paid utilities and provide justification for these changes, checking 'N/A' if no changes are requested.
9. Fill in the section regarding 'front line' staff salaries. Include employee names, titles, salaries, duties, and benefit calculations.
10. Complete Form HUD-92458 Rent Schedule with all required details about the project name, effective date for rents, items included in rent, and information about any commercial space.
11. If operating cost increases exceed 20%, ensure that management fee calculations are in line with regulations. Provide Form HUD-9839 if a change in management fee is requested.
12. Review the completed checklist for accuracy. After confirming that all sections are filled out correctly, save your changes, and choose to download, print, or share the form as needed.

Start filling out your PRAC Operating Cost Increase Checklist online today!