Housing and Urban Development Agency To Publish Fair Market Rents, Add $113 Million in Housing Vouchers

The Housing and Urban Development Agency announced the publishing of Fair Market Rents and the addition of $113 million in Housing Choice Vouchers. Reports say the actions intend to help 9,500 families to be able to rent houses at an affordable cost.

Housing and Urban Development Agency Announce Adding $113 Million Housing Vouchers [Photo: Maryland Department of Housing and Community Development]

Fair Market Rents

An article in The Skanner News states that the Housing and Urban Development Agency announced the publishing of Fair Market Rents for the Fiscal Year 2024 to help 9,500 families be able to rent a secure house at an affordable cost.

Further reports say the Office of Policy Development and Research published the Fair Market Rents to determine the maximum amount a Housing Choice Voucher can cover. When the Fair Market Rents generally rise by an average of 12%, it will also increase the number of units that can be accessed using housing choice vouchers.

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Housing Choice Vouchers

According to an article in the Housing and Urban Development Agency, the Office of Public and Indian Housing also announced the addition of $113 million in Housing Choice Vouchers for 118 public housing agencies in 36 U.S. states.

Reports say the Housing Choice Vouchers provided by the Housing and Urban Development Agency enable families to afford rental houses in the private market. Along with the increase in Fair Market Rent and an estimated 10% growth in the Fiscal Year 2023, the Housing Choice Vouchers intend to keep up with the rising rent costs and increase the number of rental houses at an affordable cost.

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