HUD issued a notice with proposed changes to calculate fair market rents (FMRs), including a change in the definition of “recent mover” to include residents who have lived in their current household for 11 months or less and to retain and to expand the use of rent inflation factors calculated by private-sector sources.
FMRs are used to determine initial renewal rents for some expiring project-based Section 8 contracts, and to serve as rent ceilings for rental units in both the HOME and Emergency Solutions Grants Programs, as well as a primary rent standard option for the Housing for Opportunities for Persons with AIDS program. HUD also uses FMRs in the calculation of maximum award amounts for Continuum of Care grantees and in the calculation of flat rents for Public Housing units.
