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HUD is becoming increasingly aware of the burden that increasing insurance costs are placing on providers of affordable housing. Unlike their market-rate counterparts, these providers cannot pass increased costs on to tenants, leading some to reduce insurance coverage and delay repairs. These challenges exacerbate the housing supply shortage and threaten overall affordability.
HUD has issued Notice H 2024-09 delaying HOTMA for Multifamily Housing programs. The previous deadline to come into compliance that came from the most recent version of HUD Notice H 2023-10 was Jan. 1, 2025. Now, the new compliance deadline is July 1, 2025.
HUD is required by law to set Fair Market Rents (FMRs) every year. In general, the FMR for an area is the amount that a tenant would need to pay the gross rent (rent plus utilities) of privately owned, decent, and safe rental housing of a modest (non-luxury) nature with suitable amenities. The published FMRs represent HUD’s best effort to estimate the 40th percentile gross rent paid by recent movers in...
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