In a notice titled “Fair Market Rents for the Housing Choice Voucher Program, Moderate Rehabilitation Single Room Occupancy, and Other Programs Fiscal Year 2019,” HUD announced the publication of its Fiscal Year (FY) 2019 Fair Market Rents (FMRs). Comments on the FMRs are due by October 1, 2018. The effective date of the FMRs are October 1, 2018.
The methodology used to calculate these FMRs remain the same as it was for the FY 2018 FMRs. The methodology used to calculate these Small Area FMRs remain the same as it was for the FY 2018 Small Area FMRs. The Department is continuing to implement certain changes (which NAHRO commented on) made in calculating FY 2018 Small Area FMRs. Additionally, as mandated by the Small Area FMR rule, HUD is limiting the amount a FMR or Small Area FMR may decrease to no greater than 10 percent.
The notice also discusses the calculation of Renewal Funding Inflation Factors (RFIFs)–the annual inflation factor by which voucher renewal funding is increased. The Department was considering changing how it calculates RFIFs. The Department notes that most comments “directed HUD to continue using FMR surveys in the calculation of RFIFs.” (Read NAHRO’s RFIF comments here.) The Department is still contemplating how best to incorporate research surveys into the calculation of RFIFs.
FY 2019 FMRs can be found here.
FY 2019 Small Area FMRs can be found here.
The notice announcing the publication of the FMRs can be found here.