September 28, 2004
HUD ANNOUNCES 2005 RENT DATA - ADDRESSES CONCERNS
New Fair Market Rents to be published in Federal Register on Friday reduce
WASHINGTON - Today the U.S. Department of Housing and Urban Development announced its annual Fair Market Rents (FMRs) for communities throughout the nation. The new FMRs reflect the latest 2000 Census data and recent local rental market surveys. The FMRs will appear in the Federal Register on Friday, Oct. 1, 2004 and will take effect immediately.
"The goal of FMRs is to help ensure HUD's resources reflect community
need," said HUD Secretary Alphonso Jackson.
HUD received more than 350 comments on the proposed 2005 FMRs published in early August. Those FMRs utilized both 2000 Census data and new Office of Management Budget definitions of metropolitan statistical areas.
Many of the comments HUD received from industry partners centered around the new OMB area definitions which caused wide swings for certain communities. To alleviate these concerns, HUD will implement the new rent levels using 2000 Census data, as required by Congress, but without using the new OMB area definitions.
HUD has also conducted 24 local market surveys, also known as Random Digit
Dialing surveys, in communities nationwide to ensure the new rent calculations
are in line with actual rents in those areas. Another 29 surveys are underway
and are expected to be completed by the end of October. RDD surveys use randomly
selected samples to get data on current rents paid in one- and two-bedroom rental
units occupied by recent movers.
HUD is the nation's housing agency committed to increasing homeownership, particularly among minorities; creating affordable housing opportunities for low-income Americans; and supporting the homeless, elderly, people with disabilities and people living with AIDS. The Department also promotes economic and community development as well as enforces the nation's fair housing laws. More information about HUD and its programs is available on the Internet and espanol.hud.gov.