The Federal Department of Housing and Urban Development (HUD) updated its Fair Market Rents (FMRs) effective October 1, 2017 (see page 6 of the October 2017 RSA Reporter, which can be found on RSA’s website). In December, both the City Housing Authority (NYCHA) and the City Department of Housing Preservation and Development (HPD) established their payment standards (the maximum rent that can be subsidized under the Section 8 program) at 105% of the HUD FMRs for 2018.
The chart below reflects the payment standards for the NYCHA and HPD Section 8 contracts, effective January 1, 2018. These will apply to new rentals and transfers. In general, payment standards for all apartments, including gas and electric, have increased significantly from 2017, ranging between $103 and $130. Studios and apartments with one to three bedrooms had significant increases of 6-8% while rents in larger apartments increased only by approximately 4%.