(RECAP: Today, HUD is proposing a new method to recalculate rental subsidies in a manner that would expand neighborhood options for households living in these particularly restrictive housing markets. For the next 60 days, HUD is accepting public comment on a proposal to change the geography it uses to calculate so-called Fair Market Rents (FMRs). In these areas, HUD is proposing to transition from a metropolitan area-wide approach to setting FMRs down to the zip code level as a means to expand the options these families have to live in lower poverty neighborhoods. If instituted today, this ‘Small Area Fair Market Rent’ approach would impact 31 metropolitan areas, including Virginia Beach-Norfolk-Newport News (VA-NC) and Washington-Arlington-Alexandria (DC-VA-MD). These Metropolitan Areas currently meet the Proposed Rule’s threshold of voucher concentration and potential for SAFMRs to be effective, and thus would be required to institute this new approach.)
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