The Efficiency FMR for Keweenaw County, MI is computed as a function of the ratio of the 2000 Efficiency Census Rent to the 2000 2-Bedroom Census Rent. This Efficiency Rent Ratio is applied to the Final FY 2008 2-Bedroom FMR to determine the Final FY 2008 Efficiency FMR.
For Final FY 2008 2-Bedroom FMRs, the bedroom ratio calculations have not been updated from those used in the Final FY 2007 FMR process. In general, the rents used to calculate the Efficiency ratio is computed from a 2000 Census Efficiency Base Rent that was updated to 2005 using the efficiency 2000-to-2005 update factor derived from the Revised Final FY 2005 Efficiency FMR for the old FMR area that contained Keweenaw County, MI.
The table below provides the relevant summary figures for computing the Final FY 2008 Efficiency FMR
| Summary Computation of Efficiency FMR for Keweenaw County, MI | ||
|---|---|---|
| Efficiency Rent Ratio | Final FY 2008 2-Bedroom FMR | Final FY 2008 Efficiency FMR |
| 0.690 | $555 | $555 x 0.690 = $383 |
For details behind the calculation of the Efficiency rent ratio of 0.690 please click the bedroom-ratio value to be taken to the Final FY 2007 FMR Documentation system.
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Problems or questions? Contact Peter.B.Kahn@hud.gov.