The U.S. Department of Housing and Urban Development announced two actions last week intended to expand the reach of federal housing voucher programs.
The U.S. Department of Housing and Urban Development (HUD) announced that it will increase the definition of fair market rents by 12 percent, to increase the amount of rent that qualifies for the Housing Choice Voucher Program, according to a August 31 press release.
“These updated Fair Market Rents and our funding will ensure households can utilize vouchers in a competitive rental market,” said HUD Secretary Marcia Fudge in a statement included in the press release. The rising definition of fair market rate reflects the rising cost of rental housing around the United States, as well as the inflation that has defined the economy for over a year.
In addition to the change to fair market housing, the Office of Public and Indian Housing (PIH) also announced an additional $113 million in Housing Choice Voucher funding awards for 118 high-performing public housing agencies in 36 states, according to the press release.
Read the full story: HUD Updates Fair Market Rents; Makes $113 Million Available in Affordable Housing Vouchers
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