The purpose of the notice is to provide the preliminary information so that the proposed fair market rent payment standards can be reviewed prior to taking effect on October 1, 2016.
To view the full national FY17 Fair Market Rents (FMRs) click here.
Atlantic, Bergen, Burlington, Camden, Cape May, Cumberland, Gloucester, Hudson, Hunterdon, Mercer, Middlesex, Monmouth, Ocean, Passaic, Salem, Somerset, Sussex, and Union increased.
Essex, Morris, Sussex, Union and Warren decreased.
The largest percentage increase was in Atlantic County for a two-bedroom apartment which increased 15.1%.
The largest percentage decrease was in Warren County for a two-bedroom apartment which decreased 7.4%.
The FY 2017 FMRs announced in this notice are based on ‘‘5-year’’ data collected by the American Community Survey (ACS) from 2010 through 2014. HUD updated the 5-year data with ‘‘one- year’’ 2014 ACS data for areas where statistically valid one-year ACS data is available.
HUD continues to use ACS data in different ways according to the statistical reliability of rent estimates. HUD uses actual and forecast Consumer Price Index (CPI) rent and utility price indices to further update the ACS- derived rents to the middle of the FY 2017 fiscal year.
The FY 2017 FMRs continue to use the February 28, 2013, OMB metropolitan area definitions. As noted above, the FY 2017 FMRs are calculated in the same manner used to calculate of the FY 2016 FMRs with the only differences being the use of updated data.
Interested persons may submit comments electronically through the Federal eRulemaking Portal at www.regulations.gov. HUD strongly encourages commenters to submit comments electronically. Electronic submission of comments allows the commenter maximum time to prepare and submit a comment, ensures timely receipt by HUD, and enables HUD to make them immediately available to the public.
Comments submitted electronically through the www.regulations.gov Web site can be viewed by other commenters and interested members of the public.
Commenters should follow instructions provided on that site to submit comments electronically.