APARTMENT ADVOCATE
NATIONAL APARTMENT ASSOCIATION
HUD Announces Increased Payment Standards , More Vouchers
Housing providers who participate in the Housing Choice Voucher ( HCV ) program may soon see their payment standards increase for voucher holder residents .
On September 1 , 2022 , the U . S . Department of Housing and Urban Development ( HUD ) released its updated fair market rents ( FMRs ) for fiscal year 2023 . Each year , HUD updates the FMRs to , among other things , set a reasonable payment standard for public housing agency ( PHA ) payments to housing providers participating in the Section 8 Housing
Choice Voucher ( HCV ) program . Nationally , the average FMR increased by about 10 percent .
This update to payment standards comes at a critical time when pandemic recovery , inflationary pressures and the massive housing shortage have forced average rents up across the country . For example , FMRs in Phoenix will increase by 33 percent in response to significant demand .
“ These new FMRs will make it easier for voucher holders facing this challenge to access affordable housing in most housing markets , while expanding the range of housing opportunities available to households ,” said HUD Secretary Marcia Fudge in a press release .
Here are some of the key takeaways from the announcement . www . aamdhq . org OCTOBER 2022 TRENDS | 45