HUD updated its Guidance regarding Small Area Fair Market Rent (SAFMR) on January 17. The final rule affects how FMRS are calculated and implements SAFMRS in certain designated metropolitan statistical areas. The rule also makes changes to the payment standard and rent reasonableness requirements that apply to all public housing agencies administering the Housing Choice Voucher program.
This move by HUD follows an injunction by a Federal judge that ordered HUD to implement SAFMRs in jurisdictions that had previously been suspended for two years.
More information on the legal action prompting HUD’s recent actions can be found here while methodologically-focused comments from NMHC/NAA and several other real estate in support the suspension can be found here.
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- Urban Institute Releases Report - How Much Assistance Is Needed to Support Renters through the COVID-19 Crisis?
- Challenges Facing The Apartment Industry
- House Looks at Pandemic’s Effect on Renters and Housing Providers
- Real Estate Coalition Letter on Financial Stability of the Rental Housing Industry