The U.S. Department of Housing and Urban Development published the operating cost adjustment factors (OCAFs) for eligible multifamily housing properties with an anniversary date on or after Feb. 11, 2024. The national OCAF is 5.3 percent, and the state rates vary from 4.3 percent in South Dakota to 7.1 percent in Connecticut. The nationwide rate is a drop from the 6.1 percent OCAF increase in 2023. OCAFs are calculated as the sum of component cost changes for nine components and are used to adjust Section 8 rents renewed under Section 515 or Section 524 of the Multifamily Assisted Housing Reform and Affordability Act of 1997.
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