Final Fiscal Year 2015 Fair Market Rents Released
HUD has published the 2015 Fair Market Rents (FMRs) on the HUD USER website. Effective October 1, 2014, these FMRs are used in the Housing Choice Voucher, the Moderate Rehabilitation, and the project-based voucher programs, as well as other programs that require location-specific economic data.
The FMRs are estimated at 40th and 50th percentile rent levels. Qualifying areas are granted higher FMRs based on the 50th percentile, rather than the 40th percentile, of the local rent distribution to achieve deconcentration of voucher-based units in high poverty areas. An area that qualifies for a 50th percentile rent level is set at that level for three years, after which deconcentration progress is evaluated. For the FY2015 FMRs, 16 FMR areas are calculated at the 50th percentile.
Section 8(c)(1) of the United States Housing Act of 1937 requires the Secretary of HUD to publish FMRs periodically, but not less than annually, to be effective on October 1 of each year. The tables, documentation system, a copy of the preamble, and preliminary comments posted in response to the proposed FY2015 FMRs are available from HUD USER at www.huduser.org/datasets/fmr.html.
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