What is the relationship between Fair Market Rent areas and Income Limit areas?
With two exceptions, Fair Market Rent areas and Income Limit areas are identical. HUD uses FMR areas in calculating income limits because FMRs are needed for the calculation of some income limits; specifically to determine high and low housing cost adjustments. Also, the two sets of area definitions are linked in statutory history. The two exceptions to the similarity between Fair Market Rent areas and Income Limit areas are Columbia, MD and Rockland NY. Due to a grandfather clause, independent rents are calculated for Columbia, MD while Income Limits area not and, by congressional direction, Income Limits are calculated for Rockland County, NY while separate rents are not.
Related Questions
- Can a tenant choose a property with rent that is higher than the Fair Market Rent established by HUD (or rent reasonableness survey done by the local Housing Authority)?
- Are there guarantees for maintaining the low rent for the 500 low income residents who live in buildings throughout the Market?
- What does maximum income mean on the Fair Market Rent (FMR) Chart?
