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HUD is required by law to set Fair Market Rents (FMRs) every year. In general, the FMR for an area is the amount that a tenant would need to pay the gross rent (rent plus utilities) of privately owned, decent, and safe rental housing of a modest (non-luxury) nature with suitable amenities. The published FMRs represent HUD’s best effort to estimate the 40th percentile gross rent paid by recent movers into standard quality units in each FMR area.
Funding for tenant-based vouchers would increase $2.9 billion above FY 2024.
On July 25, in a 28 to 1 vote, the full Senate Appropriations Committee approved the Transportation, Housing and Urban Development, and Related Agencies Appropriations Bill.
The bill includes higher funding levels than the fiscal year 2025 House bill, which was passed by the House Appropriations Committee on July 10. The Senate bill is one step toward final FY 2025 HUD appropriations.
Subsidies would be given directly to the renter, rather than to the site.
HUD is seeking to test whether rental assistance is more effective if it’s provided directly to families, with no requirement that a site owner enter a contract with a housing agency or meet other administrative requirements of the Housing Choice Voucher (HCV) program, the most common form of federal rental assistance.
The Joint Center for Housing Studies of Harvard University recently released the latest version of its annual report, The State of the Nation’s Housing 2024. The report finds that housing costs continue to rise for both the for-sale and the for-rent housing markets.
Annual premium increases for affordable housing sites are ranging from 30% to 100%.
A broad coalition of groups representing America’s housing providers, lenders, and residents recently sent members of Congress and the Biden administration a letter outlining a number of bipartisan policies to address the causes of rising insurance premiums across the nation’s housing market.
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