HUD releases 2010 data on Fair Market Rents and more

By October 1st every year HUD releases final fair market rents (FMRs) for counties and metropolitan areas, which we display together as county subdivisions throughout the country. The FMR is an estimate of the monthly gross rent (shelter rent plus utilities) of privately-owned, safe, and decent rental housing. In addition to providing a snapshot of current, local rental markets, the FMR is used to determine payment amounts for HUDs Section 8 voucher programs, the Housing Choice Voucher Program, and the Moderate Rehabilitation Single Room Occupancy Program.

For the newest FMR data select Owners & Renters > Fair Market Rents in the Add Data Layer menu.

FMRs are also used by HUD to calculate Qualified Census Tract (QCT) and Difficult to Develop Area (DDA) designations. Census tracts that are designated QCTs and DDAs are entitled to greater funding through the Low Income Housing Tax Credit (LIHTC) program: the nation’s largest federal housing program for acquisition, rehabilitation, or new construction of low-income rental housing. A QCT is one where the median income is less than 60% of area median income; a DDA is a tract that has high construction, land, and utility costs relative to the area median gross income. Gulf Opportunity or GO Zones also qualify for greater funding through the LIHTC program. GoZones were mandated in 2005 in response to Hurricanes Katrina, Rita, and Wilma. GoZones are set to expire at the end of 2010.

For the 2010 QCT, DDA and Go Zone designations go to: Jobs & Economy > Federal Incentive Designations in the Add Data Layer menu.

For more detail on any of these programs or greater definitions, visit The Department of Housing and Urban Development’s website at www.hud.gov.