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HUD Updates Guidance on Flat Rent Submission Requirements
The U.S. Department of Housing and Urban Development (HUD) issued a notice Monday updating flat rent submission requirements. Notice PIH 2021-27 (HA) clarifies HUD’s interpretation of how public housing authorities that operate a public housing program establish flat rents, setting them as no less than the lower of 80% of the applicable fair market rent (FMR) or 80% of such other applicable FMRs established in a smaller geographical region than the applicable market area. The rate is no less than 80% of the FMR in areas HUD has not determined a Small Area Fair Market Rent (SAFMR) or unadjusted rent. The notice also details flat rent exception and extension requirements. Exception requests are due 90 days after the effective date of their fiscal year.
Learn more about the latest affordable housing guidance at the Novogradac 2021 Affordable Housing Tax Credit Conference Sept. 30-Oct. 1 in Nashville.