HUD has extended to May 14 the deadline for comments on proposed revisions to the Section 8 Renewal Guide, which provides guidance for the renewal of expiring project-based contracts. The real estate industry remains concerned with changes related to how property rents are set in the guide.
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 changes to the studies would set subsidy limits that do not
reflect market conditions, are based on outdated information and are not
adjusted for current economic realities.
As we reported last month when the original deadline for comments was set, NMHC/NAA along with a coalition of real estate groups plan to provide comments on the renewal guide, as well as a copy of research our industry commissioned to confirm our reservations about certain parts of the guide. We will post a copy of our letter containing the industry research to our website when the comments have been submitted.
Members that have substantive thoughts on the proposal that they would like to share should contact NMHC Vice President of Housing Policy Lisa Blackwell at firstname.lastname@example.org.
To view the proposal, please click here.
- Source of Income Laws By State, County and City
- Senator Harris Introduces Renter’s Tax Credit
- HUD Releases Housing Choice Voucher Research
- Funding for the Section 8 Tenant-based and Project-based Rental Assistance Approved
- HUD Announces Dramatically Reduced Timelines for Subsidized Housing Inspections