HUD has issued its revised Contract Rent Annual Adjustment Factors (AAFs) for adjustment of contract rents on assistance contract anniversaries. The factors are based on a formula using residential rent and utility cost changes from the most current annual Bureau of Labor Statistics Consumer Price Index (CPI) survey. These factors are applied at Housing Assistance Payment (HAP) contract anniversaries for those calendar months commencing after the effective date of this Notice. HUD will publish “Renewal Funding AAFs,” in a separate Notice, to be used exclusively for renewal funding of tenant-based rental assistance, if so required in the fiscal year (FY) 2011 HUD Budget. Effective Date: March 16, 2011.

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