The Department of Housing and Urban Development (HUD) released a notice about updating the Fair Market Rents (FMRs) for the fiscal year 2025. These updates are based on new survey data and take effect on April 28, 2025. The revised FMRs, which reflect the 40th percentile rent levels, are available on the HUD USER website. The notice clarifies that this update does not impact environmental review processes since it does not involve any physical development projects.
Simple Explanation
The Department of Housing and Urban Development (HUD) changed the numbers they use to figure out rent limits for some housing help in 2025, using new survey information. These changes help decide how much rent should be in different places and start on April 28, 2025.