HUD published the Annual Adjustment Factors (AAFs) for Fiscal Year (FY) 2024. AAFs are used to adjust rents for housing assistance payments (HAP) contracts. Additionally, AAFs impact the amount an owner is required to deposit for the Reserve for Replacement account. Two subsections of Section 8 programs use AAFs: new construction, substantial rehabilitation and moderate rehabilitation programs; as well as loan management set-aside (LMSA) and property disposition (PD) programs.