HUD Releases FY 2017 Fair Market Rents
On August 26, HUD published a notice in the Federal Register announcing the Fiscal Year (FY) 2017 Fair Market Rents (FMRs). FMRs are used to determine payment standards for a number of housing assistance programs, including the Housing Choice Voucher and the Project-Based Section 8 programs.
The recently passed Housing Opportunities Through Modernization Act (HOTMA) revises the FMR procedure so that instead of publishing proposed FMRs for comment in the Federal Register, HUD can post these on HUD’s website and announce the publication in the Federal Register. HOTMA also provides that public housing agencies and other interested parties may comment on FMRs and request revaluation in their jurisdictions before such FMRs become effective.
HUD’s notice announces that the proposed FMRs will take effect on October 1, 2016 unless interested parties request reevaluation of their FMRs by September 26, 2016.