HUD Publishes FY 2024 FMRs
On Aug. 31, HUD published a notice in the Federal Register titled “Fair Market Rents for the Housing Choice Voucher Program, Moderate Rehabilitation Single Room Occupancy Program, and Other Programs; Fiscal Year 2024.” The notice describes the methodology for calculating the fiscal year (FY) 2024 fair market rents (FMRs) and states the process by which housing agencies can request reevaluations of their FMRs.
Housing agencies that wish to request reevaluations of their FMR(s) should submit reevaluation requests through http://www.regulations.gov by the end of the notice’s 30-day comment period or submit the request directly to HUD. The area’s PHA (or PHAs in multi-jurisdictional areas that represent at least half the voucher program participants in an area) must agree that the reevaluation is necessary. Those requesting reevaluation must supply HUD with data more recent than the 2021 American Community Survey (ACS). Those geographies that have submitted valid reevaluation requests may use either 2023 FMRs or 2024 FMRs during the reevaluation period. Data for the reevaluation must be submitted by Jan. 5, 2024. Revised FMRs will be posted in April, 2024. Small metropolitan areas without one-year ACS data and non-metropolitan counties may use mail surveys.
The FY 2024 FMRs can be found here.
The full notice on calculating the FMRs and the reevaluation procedures can be found here.