HUD to Publish Notice with Proposed Changes to FMR Calculation
The U.S. Department of Housing and Urban Development (HUD) will publish a notice in Friday’s Federal Register with proposed changes to calculate fair market rents (FMRs), which are used to determine payment standards for the housing choice voucher (HCV) program and other HUD programs. HUD proposes a change in the definition of “recent mover” to include residents who have lived in their current household for 11 months or less and to retain and expand the use of rent inflation factors calculated by private-sector sources, a practice that was used to set FY 2023 FMRs. HUD also responded to comments on the publication of fiscal year 2023 FMRs. Comments on the proposed changes are due to HUD by July 24.
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