CARH’S BROADCAST E-MAIL – Regulatory Update
The Department of Housing and Urban Development (HUD) published a Notice in today’s Federal Register on the Fair Market Rents for the Housing Choice Voucher Program, Moderate Rehabilitation Single Room Occupancy Program, and Other Programs Fiscal Year 2023. Fair Market Rents (FMRs) are an estimate of the amount of money that would cover gross rents (rent and utility expenses) on 40 percent of the rental housing units in an area. FMRs are used in several HUD programs, including to determine the maximum amount that a Housing Choice Voucher will cover
Click here to go directly to the FMRs on the HUD User website. The FMRs are effective October 1, 2022, unless HUD receives a request of re-evaluation of a specific area as provided in the Notice. A Fact Sheet created by HUD on the FMRs can be found here.
The United States Housing Act of 1937 (USHA), as amended by the Housing Opportunities Through Modernization Act of 2016 (HOTMA), requires the Secretary to publish FMRs not less than annually, adjusted to be effective on October 1 of each year. This Notice announces the availability of FY 2023 FMRs, describes the methods used to calculate the FY 2023 FMRs, responds to comments submitted on the notice of Proposed Changes to the Methodology Used for Calculating Fair Market Rents, and enumerates the procedures for Public Housing Agencies (PHAs) and other interested parties to request reevaluations of their FMRs as required by HOTMA.
In a press release issued in conjunction with today’s Notice, due to significant interruptions in public data sources caused by COVID-19, HUD supplemented public data with data from private sources to ensure the accuracy of the Fiscal Year (FY) 2023 FMRs. This methodological change – which incorporated public feedback through a notice of proposed changes that was distributed to subscribers of CARH’s Electronic AN Express – is only applicable to FY 2023. According to HUD, calculating the FY 2023 FMRs in this way ensures that FMRs accurately reflect recent, steep rent increases in many communities and will make it easier for households in those communities to use their vouchers to rent affordable homes.
If you have any questions, please contact the CARH national office at email@example.com or 703-837-9001.
For other news and information affecting the affordable rural housing industry, please visit the Newsroom on CARH’s website, www.carh.org.