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Get the free Small Area Fair Market Rents FAQs - HUD

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11/30/23, 7:04 AMFY 2024 Fair Market Rent (FMRs) Documentation System Palm BayMelbourneTitusville, FL MSAPalm BayMelbourneTitusville, FL MSA Small Area FY 2024 Fair Market Rents All Housing Choice
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Gather information on the small area in question, including its location and size.
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Research recent sales of similar properties in the same area to determine the fair market value.
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Small Area Fair Market Rent (SAFMR) is a type of rent standard used by the U.S. Department of Housing and Urban Development (HUD) to establish fair market rents for specific small geographic areas, rather than for larger metro areas.
Landlords and property owners participating in housing programs that utilize SAFMR, like the Housing Choice Voucher Program, are required to file Small Area Fair Market Rent.
To fill out the small area fair market, you need to gather data on rental prices in the specific area, complete the appropriate forms provided by HUD, and ensure that the information is submitted by the designated deadline.
The purpose of small area fair market rent is to ensure that housing assistance is based on local rental market conditions, thus allowing for more accurate and fair rent assistance in diverse neighborhoods.
Information that must be reported includes local rent data, number of units available, demographics of the area, and any other relevant rental market conditions.
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