Effective today, revised fair market rent (FMR) levels will be used to determine the amount of assistance paid by the U.S. Department of Housing and Urban Development (HUD) for apartments held by thousands of low-income households across the state.
FMRs increased 7%, relative to last year, reflecting market rents that've continued to rise and methodology refinements HUD made during recent months.
HUD's FMRs differ by county and by the number of bedrooms in the apartment. They're intended to reflect a 40% rent level. That means if the rents in a county were ranked from smallest to largest, the FMR would be the level that occurs 40% of the way down the list.
The new FMRs for a two-bedroom apartment range from $669 in Orleans County to $1,177 in Chittenden, Grand Isle, and Franklin counties.
This set of FMR levels will remain in effect until Sept. 30, 2011.
More information about HUD’s fair market rents can be found on HUD’s web site.
