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Six of twelve Connecticut geographies have proposed Fair Market Rents (FMRs) lower in Fiscal Year 2012 than they were in Fiscal Year 2011, according to the notice announcing the FY12 Proposed FMRs released by HUD on August 19.
Nationwide, 3,318 counties and geographic areas would register declines and only 1,421 are proposed to increase. 26 counties would not change. The average FMR decline is $47, while the average increase is only $21. According to the National Low Income Housing Coalition, this drastic change in FMRs could be associated with a change in the data that HUD uses when setting FMR levels from 2000 Census data to 2005-2009 American Community Survey (ACS) data. Rent data was not collected in the 2010 Census. For further analysis of the change in data, click here and scroll to page three.
HUD is seeking public comments, due by September 19.
To Learn More:
The Federal register notice, the Individual Area Proposed FY12 FMR Documentation system, and other related resources
New Haven Independent: City Rents Rise 8.5%; Section 8 At Risk