HUD issues revised 2022 FMRs for several areas



March 22, 2022

Affordable Housing Alert

Author(s): Deborah VanAmerongen

The revised FMRs will take effect on April 11.

What’s the Impact?

  • 12 jurisdictions subject to HUD’s FMR revisions
  • These re-evaluations may be more impactful than those undertaken in prior years

On March 10, 2022 HUD issued revised FMRs for 12 jurisdictions.

On August 6, 2021, the Department of Housing and Urban Development (HUD) published the FY 2022 fair market rents (FMRs) and outlined procedures for requesting a re-evaluation of an area's FY 2022 FMR. Twenty-eight jurisdictions applied for a re-evaluation, and 12 were approved.

The major cities where HUD adjusted the FMRs include Asheville, North Carolina; Boston, Massachusetts; New York, New York; Portland, Maine; Portland, Washington; San Diego and Santa Barbara, California; and Seattle, Washington. By way of example, in New York City, the FMRs were adjusted as follows:

PREVIOUSLY PUBLISHED FMRS (USD)
STUDIO 1 BR 2 BR 3 BR 4 BR
1,900 1,945 2,217 2,805 3,006
NEWLY PUBLISHED FMRS (USD)
STUDIO 1 BR 2 BR 3 BR 4 BR
2,018 2,054 2,340 2,952 3,173

The publication of FMRs and requests for re-evaluation happens each year. However, as markets have fluctuated dramatically in recent years because of the pandemic, these re-evaluations may be more impactful than those undertaken in prior years. The revised FMRs will take effect on April 11.

The FMRs are used for rent setting for HUD’s Housing Choice Voucher program, Moderate Rehabilitation Section 8 program and other HUD programs.

The foregoing has been prepared for the general information of clients and friends of the firm. It is not meant to provide legal advice with respect to any specific matter and should not be acted upon without professional counsel. If you have any questions or require any further information regarding these or other related matters, please contact your regular Nixon Peabody LLP representative. This material may be considered advertising under certain rules of professional conduct.

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