HUD Updates Fair Market Rents; Releases $113M in Vouchers
(HUD headquarters, Washington, D.C.)
HUD on Thursday published Fair Market Rents for Fiscal Year 2024 and released an additional $113 million in Housing Choice Vouchers to help 9,500 families to meet growing costs.
“Housing choice vouchers are some of the strongest tools we have to help families find stable and affordable housing,” HUD Secretary Marcia L. Fudge said. “This year, HUD found that rents rose once again, accentuating the strain on costs for American families. These updated Fair Market Rents and our funding will ensure households can utilize vouchers in a competitive rental market.”
Fair Market Rents help determine the maximum amount a Housing Choice Voucher will cover. HUD said FMRs will increase by an average of approximately 12 percent nationally, which will increase the number of units that families using housing vouchers can access.
“Increases in Fair Market Rents help families find homes of their choosing in competitive housing markets,” said Solomon Greene, Principal Deputy Assistant Secretary for Policy Development and Research. “This year we are continuing improvements we made last year to how we calculate Fair Market Rents to make sure they are keeping up with rising rents. We’ve already seen these improvements help more voucher holders find housing that is affordable, and we expect these new updates will help even more families.”
The Office of Public and Indian Housing also announced an additional $113 million in Housing Choice Voucher funding awards for 118 public housing agencies in 36 states. These funds will enable these agencies to provide rental assistance to 9,500 additional households in the coming year, HUD said.
“We want to make sure communities have the tools they need to help families lease homes,” said Richard J. Monocchio, Principal Deputy Assistant Secretary for Public and Indian Housing. “The additional funding we are awarding to housing authorities today helps these agencies that are already maximizing funds to house as many families as possible.”
Click here to view the FY24 FMRs. FAQs on the FY24 FMRs are available here.
