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Final FY 2010 Fair Market Rent Documentation System -- Summary for Chilmark town,

Final FY 2010 Fair Market Rent Documentation System

The Final FY 2010 Chilmark town FMRs for All Bedroom Sizes

The following table shows the Final FY 2010 FMRs by unit bedrooms.

Final FY 2010 FMRs By Unit Bedrooms
	Efficiency	One-Bedroom	Two-Bedroom	Three-Bedroom	Four-Bedroom
Final FY 2010 FMR

The remainder of this page provides complete documentation of the development of the Final FY 2010 Fair Market Rents (FMRs) for Chilmark town, . This page provides a summary and details of how the Final FY 2010 FMRs were developed and updated starting with the formation of the FY 2010 FMR Areas from the metropolitan Core-Based Statistical Areas (CBSAs) as established by the Office of Management and Budget and incorporating newly available 2007 one and three year American Community Survey (ACS) Data. FY 2010 FMRs include information from local Random Digit Dialing (RDD) surveys conducted during 2008. Aspects of the derivation of Final FY 2010 rents exclusive to FY 2010 are made explicit in the following text. Aspects unchanged from FY 2009 can be reviewed by clicking on the associated link.

The following defines a summary of the steps taken to generate the Final FY 2010 FMR:

Final FY 2010 FMR Calculation Summary
Process Step	Step Result
1. Begin with Final FY 2009 2 Bedroom FMR
2. Remove Trending and CPI Updates from Final FY 2009 2 Bedroom FMR
3. Determine 2006 to 2007 Update Factor
4. Apply Update Factor (#2 x #3)	ODBscript Error: Non-numeric expression: (null) * (null) [Error in file 2010summary.odn line 689]
5a. Calculate Update Factors to 2008 and 5b. Trend Factor to April 1, 2010
6. Apply Update Factor to 2008 and Trend to Get Final FY 2010 2BR FMR (#4 x #5a x #5b)

Chilmark town FMR Area Derivation (RECAP)

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Final FY 2010 FMRs

HUD continues its use of ACS data in FY 2010, by building upon the FY 2009 Final FMRs (Chilmark town FY 2009 FMR Documentation system). As in FY 2009, HUD uses 2007 ACS data in four different ways according to how many two-bedroom standard quality and recent mover sample cases are available in the FMR area or its Core-Based Statistical Area (CBSA). ACS-1 through ACS-4 areas are described in detail here.

In most cases, Final FY 2010 FMRs are based on changes in rents measured by differences in ACS data collected in 2006 and 2007 and updated CPI rent and utility inflation indexes. Depending on the size of the ACS survey sample, State or Local ACS data is used to update a June 2006-calculated gross rent from the Final FY 2009 FMRs (Chilmark town FY 2009 FMR Documentation system) to June 2007. In some cases, as described below, the 2007 ACS Survey result is used instead of a 2006 to 2007 updated value. The ACS updated 2007 rent is then adjusted with CPI inflation factors that measure changes from mid-2007 though year end 2008 and 1.25 years of trending to arrive at Final FY 2010 FMRs. RDD survey results are applied where available and appropriate.

is an ACS-0 area.

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New for FY2010 Final FMRs, HUD has implemented a statistical test to determine if the change in the survey estimates from the 2006 ACS survey estimate to the 2007 ACS survey is statistically signficant. This test is described and completed below.

Generating a June, 2006 Rent from FY 2009 Final FMRs

In order to apply 2006 to 2007 ACS changes to FMRs (ACS data are assumed to be as of June of their respective survey years), FY 2009 FMRs are first deflated to mid-2006 values by removing the CPI inflation and trend factors used to update mid-2006 values to April, 2009 inherint in the Final FY 2009 FMRs.(Chilmark town FY 2009 FMR Documentation system.)

Rent₂₀₀₆

Final FY 2009 Rent

(CPI Change₂₀₀₆)^.5 x (CPI Change₂₀₀₇) x (Trend)

Rent₂₀₀₆

()^.5 x () x ()

Rent₂₀₀₆

() x () x ()

Rent₂₀₀₆

(

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) x ()

Rent₂₀₀₆

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Rent₂₀₀₆ =

The 2006 to 2007 Update Factor using 2007 ACS Data

As stated earlier, is an ACS-0 area. is large enough to have a 2007 ACS survey that contains at least 200 Recent Mover cases. Therefore, HUD compares the 2006 to 2007 updated rent using the change in Standard Quality Rents from the 2006 to the 2007 ACS for the to the 2007 ACS Recent Mover survey result. If the 2007 updated rent using the standard quality update factor is outside the confidence interval of the recent mover rent and the recent mover rent is larger than the local standard quality rent, then the 2007 intermediate rent is set at the 2007 ACS recent mover survey result. If the 2007 recent mover rent is smaller than the 2007 standard quality rent for then the 2007 intermediate rent is set at the 2007 ACS standard quality survey result. Otherwise, the 2007 intermediate rent is set using the standard quality update factor calculated for .

The 2006 to 2007 standard quality update factor for is . The 2006 to 2007 updated rent for comparison is x = .

The 2007 ACS Standard Quality survey result for is with a survey error of ±.

The following table summarizes the decision criteria for using the 2007 ACS survey rent result for :

2007 Local ACS Survey Rent for
Rent₂₀₀₆	Local SQ Update Factor	SQ Updated 2007 Rent	2007 ACS Survey Local Recent Mover Rent	2007 ACS Survey Confidence Interval	Is SQ-updated Local Rent outside confidence Interval of SQ Rent?	ACS Survey Local Standard Quality Rent	2007 Basis	2007 Intermediate Rent
		ODBscript Error: Non-numeric expression: (null) * (null) [Error in file 2010summary.odn line 1680]		ODBscript Error: Non-numeric expression: (null) - (null) [Error in file 2010summary.odn line 1682] - ODBscript Error: Non-numeric expression: (null) + (null) [Error in file 2010summary.odn line 1682]	YES - survey estimate is statistically significant and is ODBscript Error: Non-numeric expression: (null) * (null) [Error in file 2010summary.odn line 1683] Lower than updated rent	- Recent Mover Rent Higher	2007 ACS Survey Local Standard Quality Result

This yields an effective 2006 - 2007 change factor for of / =

NOTE: The update factor shown in the calculation above may not match exactly the 2006 to 2007 factor shown throughout the demonstration due to the rounding of Fair Market Rents to whole dollar amounts

The 2007-to-2010 Update Factors

HUD updates the 2007 intermediate rent (as of June 2007) with the appropriate CPI change (local or regional) to establish rents as of December 2008. HUD then applies additional trending or results of Random Digit Dialing (RDD) surveys to update rents to April, 2010, the mid-point of FY 2010.

The has the following 2007-to-2010 Update Factor:

Update Factors used between June 2006 and April 2008
Year	Update Factor	Type
6/2007 to 2008		Local CPI Factor
2008 to 2010		Trend Factor 3% for 1.25 Years =1.03^1.25

Final FY 2010 2-Bedroom FMR

The Final FY 2010 2-Bedroom FMR is simply the product of the 2006 Rent from deflated from FINAL FY 2009 FMRs, the 2006 to 2007 update factor and the 2006-to-2010 Update Factors for as determined above:

Final FY 2010 FMR

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= x

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The Final FY 2010 Rents for All Bedroom Sizes

The following table shows the Final FY 2010 FMRs by unit bedrooms. The FMRs for units with different numbers of bedrooms are computed from the ratio of the 2005 Revised Final FMRs (based on 2000 Decennial Census Data) for the different unit sizes to the 2005 2-Bedroom Revised Final FMRs. These Rent Ratios are applied to the Final FY 2010 2-Bedroom FMR to determine the Final FY 2010 FMRs for the different size units.

Click on the links in the table to see how the bedroom rents were derived.

Final FY 2010 FMRs By Unit Bedrooms
	Efficiency	One-Bedroom	Two-Bedroom	Three-Bedroom	Four-Bedroom
Final FY 2010 FMR	ODBscript Error: Non-numeric expression: (null) * (null) [Error in file 2010summary.odn line 1867]	ODBscript Error: Non-numeric expression: (null) * (null) [Error in file 2010summary.odn line 1868]		ODBscript Error: Non-numeric expression: (null) * (null) [Error in file 2010summary.odn line 1870]	ODBscript Error: Non-numeric expression: (null) * (null) [Error in file 2010summary.odn line 1871]
Unadjusted Rent Ratio
State Minimum-Based Final FY 2010 FMR

The FMRs for unit sizes larger than four bedrooms are calculated by adding 15 percent to the four bedroom FMR, for each extra bedroom. For example, the FMR for a five bedroom unit is 1.15 times the four bedroom FMR, and the FMR for a six bedroom unit is 1.30 times the four bedroom FMR. FMRs for single-room occupancy units are 0.75 times the zero bedroom (efficiency) FMR.

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Select a Final FY 2010 Metropolitan FMR Area:

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