Specifically, instead of using Fair Market Rent during a rent comparability study when the rent exceeds 110 percent of the median gross rent, HUD is proposing to use rents based on zip-code-level median gross rents from the Census Bureau’s American Community Survey. The alterations to the studies would set subsidy limits that do not reflect market conditions, and which are based on outdated information and are not adjusted for current economic realities.
NMHC/NAA along with a coalition of real estate groups plan to provide comments on the renewal guide. HUD is accepting comments through April 30. To view the proposal, please click here.
If you have substantive thoughts on the proposal you would like to share, please contact NMHC Vice President of Housing Policy Lisa Blackwell at firstname.lastname@example.org.