HUD Releases 2023 Fair Market Rents - Section 8 Vouchers for Low Income Housing

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HUD Releases 2023 Fair Market Rents - Section 8 Vouchers for Low Income Housing
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Fair Market Rents (FMR)
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Small Area Fair Market Rents (SAFMR)
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HUD Releases 2023 Fair Market Rents
The US Department of Housing and Urban Development (HUD) released fair market rents (FMR) for fiscal year 2023 Sept. 1, 2022 with an effective date of Oct. 1, 2022.
FMRs are the basis for setting rents for Housing Choice Vouchers (HCV), which allow low-income families to access safe and decent housing.
FMRs also are a critical part of the low-income housing tax credit (LIHTC) and residential rental tax-exempt private activity bond (TEB) programs. FMRs impact the income limits used both for determining who qualifies to live in LIHTC/TEB housing and how much tenants pay to rent that home in high housing cost (HHC) areas. In addition, many LIHTC and TEB housing units are occupied by tenants who are using HCVs. FMRs also play an important role in setting the high HOME rents.
By the Numbers
After anemic increases in FY 2022 FMRs, most areas will see a large increase in FY 2023 FMRs. Ninety-nine percent of all areas will see an increase in FMRs with the average increase of 10% over the prior year.
As in prior years, there was a slight divide in the increase in FMRs between metro and rural areas. The average increase in FMRs for metro areas was 11.5% and 8.9% for rural areas. Larger cities also tended to have an even larger increases in FMRs. See below for the FMR change for the 10 largest cities in the United States.
Certain areas in the country also tended to have larger increases. In the top 10 states by average change in FMRs, the Northeast leads the way.
Surprisingly, California ranks 31st out of the 50 states in average change in FMR.
Impact to Income Limits
FMRs play a part in HUD’s income limit calculation. In determining income limits, HUD applies a high housing cost to areas where rents are a disproportionate percentage of the median income of an area. The high housing cost adjustment is calculated by taking the 2-bedroom FMR times 85% divided by 35% times 12 rounded to the nearest $50. If this calculation is greater than 50% of the area median income the HUD Published very-low income (VLI) limit (the income limit used by LIHTC projects) is increased to this calculated amount. For example, if the 2-bedroom FMR is $1,750 then the high housing cost adjustment would be $51,000 ($1,750*.85/.35*12). If 50% of area median income for this area is $50,000 then VLI would be adjusted up to $51,000. For this area HUD would publish a VLI equal to $51,000.
This adjustment is still subject to applicable HUD caps and floors. HUD caps any increase in VLI at the greater of 5% or two times the change in national median income. Therefore, for 2023, If a high housing cost area has an increase in FMR of greater than 5% the increase in VLI will be capped at 5%.
Los Angeles, is a good example of this concept. It is a high housing cost area and its 2-bedroom FMR increased by 9%. Therefore, if there was no cap on VLI increases for 2023, the LIHTC income and rent limit would increase by 9%. However, due to the cap, the increase in 2023 will likely be limited to 5%.

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We offer Section 8 Consulting Services by phone for Individuals and Landlords. Information, Appointments & Prices section8consulting.setmore.com/ Website www.section8consulting.com KZbin Channel kzbin.info/door/NOCBTz3nxTNtkisYRXNUog Service Reviews booking.setmore.com/scheduleappointment/3e1420c3-f468-499f-b362-347e300799a2/reviews Google Reviews g.co/kgs/MNuei5 TikTok Channel www.tiktok.com/@section8consulting News & Updates kzbin.info/door/NOCBTz3nxTNtkisYRXNUog/community Membership kzbin.info/door/NOCBTz3nxTNtkisYRXNUog/join

[@nancypaves863]

Please come up with the fmr in New Jersey and New York! It s the highest rents in the country!!!!

[@nancypaves863]

Thank God this program is going along with the times; I hope they assess this every year so we who were affected by tragedy can continue to live like human beings!!!!!!

[@monie2514]

That only works in certain States in Michigan if you get permanent support of Housing and you don't have any children just for one household is only going to cover 950 in Red so that keeps you living in a very impoverished environment. Where it should be a minimum of $1250👎🏼🤦🏻‍♀️😳🙆🏻‍♀️

[@jen9731]

This is interesting, as I'm being told by my local PHA that IF I Move from my current home, My voucher amount will be DECREASED, As they say they are Losing funding🤔🤔🤔 I have 3 disabled kids, and am myself still fighting for my disability.. Your channel is a True eye opener, and I appreciate your hard work and Kindness in helping those of us, who are *ignorant* to all of the rules & regulations.. Thank you kindly! Wanted to add, back in 2014 I lived in a Home that became OVERRUN by RATS.. (Due to the county working a sewage line, That was in the street in the very front of my Precious home & My Landlord NOT trimming the trees- They came in through the Garage Roof.. Dropped down the wall and entered BEHIND my Stove (They had remodeled and left a 12x12 inch HOLE in the wall , They walked right into my house via this square, meant to hold the cord for the stove- The work was done privately without the use of a contractor!! This all occured in The MIDDLE OF SUMMER-July- MY AC had also Broken, and I was told I had to MOVE only after asking for assistance with Pest Control... Though 1 week Previous, of the RAT Issue- I had Literally been asked to stay for another year, as the homeowners were working & Living abroad in Australia...Needless to say- The PHA did absolutely NOTHING to protect my children, and I - and I mean Nothing!!! Nests were in their bedrooms, all in my kitchen-inside the cabinets, behind the stove, Behind the refrigerator-you name it- They even collapsed my interior Garage ceiling...Thats how many their were!! They were HUGE & Terrifying!! As the rats were DYING from bait being dispersed, The STENCH was Overwhelming, and became unbearable... Bc of my AC unit being completely broken.. The PHA DID NOTHING but Other than to SUGGEST they provide me with WINDOW UNITS Until the Main system was replaced...I NEVER WAS GIVEN ANYTHING to Cool the home... It took them from May Until the End of July to have the System replaced. It had been broken before the pest issue ever arose.. they kept offering excuse after excuse as to why it was taking so long to Replace.. The HEATING & AIR COMPANY was so apologetic constantly telling me that it was the owners who were STALLING them from replacing the Unit, again beginning in May.. The Rats arrived in Mid-June... The PHA did end up Abating the rent - BUT ONLY for my Final month there.. Which ended up being August...I embarrassingly had to Beg them to extend My move for 1 month due to having No where to Live with my kids.... The PHA Never demanded they replace the AC unit, Only made mere suggestions as to offering window units- Never even offered a Hotel Rental for our safety. I was So broken hearted, and Completley Mortified at how this entire situation played out, I SHOULD have contacted the NEWS PAPERS OR NEW CHANNELS- But, I Did call every Gov office I could think of, However No one cared, I even called the State and countny representativeseho only forwarded me to Other numbers and it just became a Never ending cycle of call, leave a VM, But, never hear back- Rinse & Repeat... I so completely, and utterly heartbroken as it had the LONGEST I had EVER lived anywhere in my life since birth, and that was Only going on 5 yrs.. I Never once had a Stable upbringing, At one time in Middle school even having to live with My Substitute Teacher ..So this Home meant so much to me at the time... Once I informed the homeowner of the Rats- Which was Literally only 7 days, to the day, after they asked me to stay for another year, They demanded that I move out, as they blamed ME for them coming into the home via the tree limbs, that They were to have trimmed ((which was even Written in my Lease)) .. They ended up Lying to the PHA, and said they were going to just sell the home.. It was honestly a few of the hardest months of my life.. with 4 kids- 3 of them being disabled with 2 of them under 10yrs old, and my precious Newborn Son who had just been born in March... I will never forget how disgustingly I was treated by the Program that SHOULD have Vehemently Protected My children first, and foremost!! I PRAY NO OTHER FAMILY EVER HAS TO EXPERIENCE SUCH A PAINFUL, TRAUMATIC Time in their lives.. I have NO doubt that I could possibly still be living in there today- Had None of this never happened to us... Because as I said, They worked/Lived abroad in Australia, and had NO plans of coming Back to that Home EVER... and wouldnt you know, Months later after remodel etc. They DID move back and right into that exact home!! Ive since seen that it IS currently listed for sale now... I'm still hurt over that whole ordeal, But am now Thankful, as I have a Beautiful home in one of the Most sought after neighborhoods in our Maryland county and we've been living here going on 7 years.... I finally feel like I am *Home*❤ I am so GRATEFUL & Thankful to GOD for our Blessings... I Pray one day, To be able to Purchase our own home with the Voucher program, as my PHA Does now offer this service...However I truly have No Idea where, Or how to even begin the Home buying process, Much less with the use of a voucher🤷🏼‍♀️Thank you again for your thoughtfulness to all of us, trying to navigate this Very complex Housing Program!!! God Bless you and keep you!!

[@ericsoles1055]

I applied for section 8 on disability I was turned down I get 1400 a month

[@dougfredricks2017]

Hi, please clarify the $1400 amount

[@getagripproductions411moni6]

I absolutely love you, man! 23% in Tampa FL! I always try and make sure I keep updated every day by watching you! Please keep em comin! Cuz YOU ARE A POSITIVE FORCE IN THIS WORLD 🌍! GETS ME THROUGH MY DARKER HOURS NAVIGATING IN TAMPA FL!

[@Section8Consulting]

I appreciate that!

[@shirleygriffin7672]

Thanks for sharing today. Stay safe out there in Texas........ outside washing my hair with fresh free spring water, outside, Ozarks

[@Section8Consulting]

Oh wow!

[@suzque63]

Ive been at my apt for 12 years and my section 8 contract ends on 4/30/23…all was good until the landlord handed me a notice on 04/14/23 Stating she was not renewing my lease. Then on 04/17/23 she came to my door and gave me the new signed and dated contract that’s good until 4/30/24 and basically renewed my section 8 for another year. I was very confused so I called my local Housing Authority and they told me that the voucher program is only there for the landlord to collect rent and I had no rights and if I do not leave the apartment when my landlord stated to me, and I get evicted that I lose my voucher. The Landlord has given no reason nor has she notified Housing Authority that she wants me to move… and housing wants ME to sign a notice to vacate (which I will NOT DO because this is not my choice!) And all housing will tell me is that if I’m evicted I lose my voucher? I know these people are overworked but I’m disabled and I’m going to be homeless in the streets and I thought the program was there to prevent homelessness… Ive never seen anything so ridiculous in my entire life and I cannot believe this is legal! Literally nothing in my file except that I believe this is retaliation because I had to report the landlord to the city for refusing to remove mold…. I sure wish I had the funds to contact you but I have to come up with a plan and I’m on limited income with SSI for disability and I’m scared to death! I will be homeless after the end of May…good luck everyone! 😪

[@getagripproductions411moni6]

Sometimes, I even rewatch when I need the most inspirational words to fight another day! And Florida is an enormous amount of challenges! But I do have a Section 8 HCV RENTAL VOUCHER FOR A 3 BEDROOM! NOW it's worth more 💞😁☺️! Locked out of my Facebook but would like UPDATED dialogue! Stay safe!

[@back2the80s]

Not enough to cover COVID high rents in nj and ny

[@vondamcdonaldgolding9283]

Thank you so much for your videos.

[@Section8Consulting]

You are so welcome!

[@trendtrader4010]

Great upload !!! love these months as well.

[@sharonjohnson946]

Great interested for more information

[@Section8Consulting]

More to come!

[@bradleyspaulding5208]

I have been on HUD for a few years with very few problems until the last few months. I did my recertification in July or August. A few weeks later, they reassign my caseworker. A month goes by and I get another ask letter for recertification. I called left message, sent emails and never heard back. I even sent an email asking if everything was good since I never heard back...this morning I get a letter in the mail dated Dec 3rd..today is Dec 10th. Saying they are terminating my Hud as of jan.31st and I had 5 work days to dispute and ask for a hearing.. I'm on SSI and can't afford a lawyer. Can you please atleast tell me where to start?

[@Section8Consulting]

Thanks for reaching out to us, we would be happy to assist you with your case and discuss your options with you. Information, Appointments & Prices section8consulting.setmore.com/ Website www.section8consulting.com Reviews booking.setmore.com/scheduleappointment/3e1420c3-f468-499f-b362-347e300799a2/reviews

[@bradleyspaulding5208]

@@Section8Consulting I'm on SSI and won't get paid until it's too late. I don't have any options it seems. One more homeless that doesn't deserve it. If I can make some money in the few days I'll let you know

[@michaeldayton1153]

I will send catnip or something🐺😋

[@back2the80s]

They change workers too often which messes up paperwork communication between workers is poor

[@ladyth3939]

Thank you for all the information. Love all your videos!!!

[@Section8Consulting]

Thanks for watching!

[@ladyth3939]

Good morning Jay

[@shirlebryant9427]

Excellent

[@Section8Consulting]

Thank you so much 😀

[@vancimalloyd5843]

Thanks for the info!

[@Section8Consulting]

Any time!

[@booDtaylor1]

Can you do Chicago

[@Section8Consulting]

yes.

[@booDtaylor1]

Thank you I probably need to purchase a consultation with you.

[@roloskywalker_]

Hello, I'm 42 years old, disabled have muscular dystrophy, and use a wheelchair, I live in Puerto Rico. Is there a program or agency that can help me move to the states so I can get the care I need? I'm practically alone and don't have help with my basic needs. Please help.

[@Section8Consulting]

I'm sorry I don't know of any moving programs.

[@nealjones84]

Sorry to hear about ur situation 😔 right now in most states , they have numerous homeless people on the housing and section 8 waiting list and immigrants

[@tbuelna]

I own a 3 bedroom property in Cleveland. FMR is over 1300. S8 offered me 960. How do I negotiate? Thx

[@Section8Consulting]

Thanks for reaching out to us, we would be happy to assist you with your case and discuss your options with you. Appointments & Prices section8consulting.setmore.com Website www.section8consulting.com Reviews booking.setmore.com/scheduleappointment/3e1420c3-f468-499f-b362-347e300799a2/reviews

[@abbyzahugmonster471]

how do find a consultant?

[@Section8Consulting]

Thanks for reaching out to us, we would be happy to assist you with your case and discuss your options with you. Information, Appointments & Prices section8consulting.setmore.com/ Website www.section8consulting.com Reviews booking.setmore.com/scheduleappointment/3e1420c3-f468-499f-b362-347e300799a2/reviews

[@germanywho]

👍🏽🙏🏽