HUD PUBLISHES FINAL 2011 FAIR MARKET RENTS
The U.S. Department of Housing and Urban Development today published final fiscal year 2011 fair market rents (FMRs). FMRs are used to determine payment standard amounts for the Housing Choice Voucher program, to determine initial renewal rents for some expiring project-based Section 8 contracts and to determine initial rents for housing assistance payments (HAP) contracts in the Moderate Rehabilitation Single Room Occupancy (SRO) program. The 2011 FMRs are effective on October 1, 2010.
Tune in to the October 5 Tax Credit Tuesday podcast to hear Michael J. Novogradac, CPA, discuss highlights of the new FMRs and their significance for the low-income housing tax credit (LIHTC) community.