On October 4, HUD released its estimated impacts of the proposed Operating Fund offset for PHAs. The latest information can be found on the Allocation Adjustment Website where House and Senate offset estimates can be found.
Summary: On September 30, 2011, HUD published a notice of its final FY 2012 Fair Market Rents (FMRs) for all areas that reflect the estimated 40th and 50th percentile rent levels which take effect on October 1, 2011. The FMR values are trended to April 1, 2012.
Summary: The primary uses of FMRs areto determine payment standards for theHousing Choice Voucher (HCV) program, to determine initial renewalrents for some expiring project-basedSection 8 contracts, to determine initial rents for housing assistance paymentcontracts in the Moderate RehabilitationSingle Room Occupancy program, and to serve as rent ceilings in the HOME program. HUD’s notice proposed FY 2012 FMRs for all areasthat reflect the estimated 40th and 50thpercentile rent levels trended to April 1,2012.
Summary: HUD's notice requests public comment regarding the manner in which HUD calculates the trend factor used in the Fair Market Rent (FMR) estimates to meet the statutory requirement that FMRs be ‘‘trended so the rentals will be current for the year to which they apply’’. HUD provides several proposed alternatives to the current trend factor and requests comments on these alternatives as well as suggestions of other ideas.