HUD Announces Proposed FY 2015 Fair Market Rents
On Aug. 15, HUD published a notice in the Federal Register requesting comments on the proposed Fair Market Rents (FMRs) for fiscal year (FY) 2015. The primary uses of FMRs are to: (1) determine payment standard amounts for the Housing Choice Voucher program; (2) determine initial renewal rents for some expiring project-based Section 8 contracts; (3) determine initial rents for housing assistance payment contracts in the Moderate Rehabilitation Single Room Occupancy program; and (4) serve as a rent ceiling in the HOME program. Final FMRs for FY 2015 will become effective Oct. 1, 2014.
Comments are due Sept. 15, 2014. Due to its current funding levels, HUD has stated that it no longer has sufficient resources to conduct local surveys of rents to address comments filed regarding the FMR levels for specific areas. Commenters submitting comments on FMR levels must include sufficient information (including local data and a full description of the rental housing survey methodology used or a description of the methodology intended to be used to collect the necessary data) to justify any proposed changes.