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What is the difference between the Fair Market Rents and Payment Standards?

April 26, 2017difference fair market payment rents Standards

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What is the difference between the Fair Market Rents and Payment Standards?

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Fair Market Rents are established by the U.S. Department of Housing and Urban Development and represent average rents by bedroom size, in a particular geographical area. Payment Standards are set by each local Housing Authority to reflect the actual rental demands in the particular jurisdiction. The Payment Standard is between 90 and 110% of the Fair Market Rent.