Below, please find information regarding two recent HUD updates on Fair Market Rents and HOME Commitment Requirements.
- Fiscal Year 2019 Fair Market Rents
Recently, HUD published the fiscal year 2019 Fair Market Rents (FMRs). The FMRs are effective October 1, 2018, unless HUD receives a request before then for reevaluation of specific area FMRs. HUD’s Notice also addresses a previous Federal Register Notice regarding the use of FMR surveys in the calculation of Renewal Funding Inflation Factors.
HUD is making no changes to the estimation methodology for FMRs as used by HUD for the fiscal year 2018 FMRs; the only difference is the use of more recent data. To view the fiscal year 2019 Fair Market Rents, please click here. The attached Notice is also available to view online here.
- Suspension of the 24-Month HOME Commitment Requirement
Recently, HUD published a Notice explaining the suspension of commitment requirements for HOME Investment Partnership (HOME) funds. The 24-month commitment requirement for deadlines occurring in 2016, 2017, 2018, 2019, and 2020 was suspended by Congress in the Consolidated Appropriations Act of 2018.
The Notice also explains treatment of other HOME deadline requirements occurring during these years. To view the attached Notice online, please click here.