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HUD Releases Proposed FY15 FMRs for Public Comment

U.S. Dept. of Housing and Urban Development (HUD)
 

The Department of Housing and Urban Development (HUD) has released the FY15 proposed Fair Market Rents (FMR) for public comment. FMRs are used to determine payment standards for various HUD and state-funded programs, such as the federal Housing Choice Voucher (HCV) program. FMRs are meant to reflect the resources needed to pay rent (including utilities) in the private rental market. For most metro areas, HUD sets the FMRs at the estimated 40th percentile rent levels for the entire metro area. In FY15, 19 metro areas will have rents set at the 50th percentile, including Hartford and New Haven.

Changes to the FMRs result in higher or lower payments to landlords. For voucher recipients, increases in the FMRs provide a wider range of housing choice, allowing them to access housing units with higher rents. Here is the breakdown for the proposed FMRs in Connecticut’s metro areas and how they compare to the FY14 FMRs:

  • The Stamford-Norwalk metro area: FMRs would increase by 25%, with the 2-bedroom FMR increasing by $392 to $1,943. 
  • Bridgeport metro area: an 11% increase in the FMRs would bring the allowable rent for a 2-bedroom unit up to $1,283.
  • The New Haven-Meriden metro area: FMRs would increase by 8%, raising the 2-bedroom FMR by $93 to $1,316.
  • The Harford-West Harford-East Hartford area: despite being one of the 19 metro areas with FMRs set at the 50th percentile rent level, the FMRs would decrease by 2%, with the 2-bedroom FMR set at $1,144. 
  • Southern Middlesex County area: FMRs would decrease by 7%, with the 2-bedroom FMR declining by $91 to $1,214.
  • Danbury area: virtually no change, with the 2-bedroom FMR increasing by $7 to $1,583.
  • The Milford-Ansonia-Seymour area: a 3% increase in FMRs would bring the 2-bedroom FMR up to $1,249.
  • Waterbury area: FMRs would increase by 2%, with the 2-bedroom FMR set at $979
  • Norwich-New London area: a 2% increase in FMRs would bring the 2-bedroom FMR up to $1,057.
  • Colchester-Lebanon area: FMRs would increase by 2%, raising the 2-bedroom FMR by $25 to $1,137.
  • Litchfield County: FMRs would increase by 5%, with the 2-bedroom FMR set at $1,030
  • Windham County: a 2% increase in FMRs would bring the 2-bedroom FMR up to $953. 

The FY15 FMR’s are based on the 5-year, 2008-2012 American Community Survey (ACS) data.  Comments are due by September 15, 2014.

Click here to access the notice in the Federal Register, which includes instructions on how to submit comments.  
Click here to access the Proposed FY15 FMRs at the HUDUser website. 
Click here to read the National Low Income Housing Coalition’s summary of the Proposed FY15 FMRs. 
 

 
 

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