The U.S. Department of Housing and Urban Development announced their new FY 2023 Fair Market Rates (FMR’s) which are used to determine payment standards for many housing assistance programs, including Housing Choice Vouchers (HCV) and Project-Based Section 8 programs. Published annually, the FMR’s are an estimate of the amount of money that would cover gross rents (rent and utility expenses) on 40 percent of the rental housing units in an area. HUD’s notice indicates that the 2923 FMRs will take effect on October 1, 2022.
“…The new FMR levels announced today will enable the voucher program to keep up with rent increases in the private market. These new FMRs will allow voucher holders to access and secure leases in more units so that they can benefit from the housing affordability and stability that vouchers provide.” HUD Press Release