Recently Released: Proposed FY 2004 Fair Market Rents for Comment

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HUD has recently released the proposed FY 2004 Fair
Market Rents for comment.

Fair Market Rents (FMRs) are published annually to be
effective on October 1.  Public comment on the proposed
FMRs is due to HUD by June 27, 2003.  Interested people
are invited to submit feedback in accordance with the
framework provided in the Federal Register.

FMRs are used to determine standard payment amounts for
the Housing Choice Voucher program, renewal rents for
some expiring project-based Section 8 contracts, and to
determine initial rents for housing assistance programs
(HAPs).

Proposed FMR increases in many parts of the country,
especially in non-metropolitan areas, are modest or non-
existent. This is due to modest increases in shelter
rents, and more significantly, to a reduction in the cost
of utilities from the previous year.

FMRs are set at a percentile within the rental
distribution for standard quality rental housing in each
area.  The rents must be high enough to allow the
assisted recipient some selection in housing, yet low
enough to serve as many families as possible.  The FMRs
are based on the distribution of rents for units that are
occupied by recent movers. Units that are less than two
years old and public housing units are not included in
the distribution.  

To see the Federal Register notice with the proposed
FMRs, visit
https://www.huduser.gov/Datasets/fmr/FY2004P_FMR.pdf.
For current FMRs, visit
https://www.huduser.gov/datasets/fmr.html.
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