HUD has published its final Fair Market Rents (FMRs) for the Housing Choice Voucher Program and Moderate Rehabilitation Single Room Occupancy Program and any other programs requiring their use for Fiscal Year 2014. The FY 2014 FMRs are based on using 5-year, 2007-2011 data collected by the American Community Survey (ACS). These data are updated by one-year recent-mover 2011 ACS data using areas where statistically valid one-year ACS data are available. The Consumer Price Index (CPI) rent and utility indexes are used to further update the data from 2011 to the end of 2012. HUD continues to use ACS data in different ways depending on the availability of two-bedroom standard-quality and recent-mover sample data for its FMR area or a larger geographic area such as the Core-Based Statistical Area (CBSA) or state nonmetropolitan area.
The final FY 2014 FMR areas are based on current Office of Management and Budget (OMB) metropolitan area definitions and include HUD modifications that were first used in the determination of FY 2006 FMR areas. Changes to the OMB metropolitan area definitions through December 2009 are incorporated; there have been no further changes to metropolitan area definitions.
The final FY 2013 FMRs in this notice reflect several changes in methodology used to calculate FMRs, specifically the way FMRs are calculated in Puerto Rico. The remaining methodology used to calculate FMRs remains the same, including the use of the annually updated trend factor calculation methodology. This trend factor for the FY 2014 FMRs is based on the change in national gross rents from 2006 to 2011.
The FY 2014 FMRs are effective on October 1, 2013.
