New rates Effective Oct. 1, 2015
Comments Due by October 8th
On September 8, 2015, HUD published the Proposed Fair Market Rents for the Housing Choice Voucher Program Moderate Rehabilitation Single Room Occupancy Program and Other Programs Fiscal Year 2016 in the Federal Register.
The purpose of the notice is to provide the preliminary information so that the proposed payment standards can be reviewed prior to taking effect on October 1, 2015. To view the full national FY16 FMRs click here.
- Atlantic, Cape May, Cumberland, Hunterdon, Middlesex, Monmouth, Ocean and Somerset decreased.
- Bergen, Burlington, Camden, Essex, Gloucester, Hudson, Mercer, Morris, Passaic, Salem, Sussex, Union and Warren increased.
- The largest percentage increase was in Hudson County for a two-bedroom apartment which increased 9.9%.
- The largest percentage decrease was in Atlantic County for a two-bedroom apartment which decreased 3.3%.
The FY 2016 FMRs are based on ‘‘5-year’’ data collected by the American Community Survey (ACS) from 2009 through 2013. These data are updated by one-year 2013 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. The Consumer Price Index (CPI) rent and utility indexes are used to further update the data to 2014.
These values are then trended forward to FY2016 using the annualized change in median gross rents as measured across the most recent 5 years of available 1 year ACS data. While HUD will continue to use this trend factor for the calculation of FY 2016 FMRs, the Department is considering replacing it with a forward-looking forecast for the FY 2017 FMRs. For example, HUD is evaluating the use of a model that would forecast national rent and utility CPI indices based on economic assumptions used in the formulation of the President’s Budget.
For more information:
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.
The deadline for comments is October 8, 2015.