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OCR Page 1 of 105hud NEWS
Department of Housing and Urban Development -- Andrew Cuomo, Secretary
Office of Public Affairs, Washington, DC 20410
HUD No. 00-XXX
FOR RELEASE
(202) 708-0685
Thursday
http://www.hud.gov/news.html
August 24, 2000
OPTIONS
CUOMO EXPANDS RENTAL OPPORTUNITY - AND CHOICE -
FOR HUNDREDS OF THOUSANDS OF LOW-INCOME FAMILIES
rental
accessible
WASHINGTON - Housing and Urban Development Secretary Andrew Cuomo today
to
in
announced a new national policy that will expand the available pool of affordable housing in tight
difficult
rental markets and give hundreds of the usands of low-income families in America dramatically
low-
greater choice in where they can live.
substantialy rentes
Cuomo proposes to change how Section 8 rental assistance is calculated by increasing the
so-called Fair Market Rent in communities where skyrocketing rents have left lower income
families unable to find a decent and affordable place to live. In these rental hot-spots, HUD will
raise the basis for calculating an area's Fair Market Rent from the current 40th percentile rent of
newly- available apartments to the 50th percentile.
difficult markets
"It's no secret that in some places, it's nearly impossible for our poorest neighbors to find a
decent place to live," said Cuomo. "Simply changing how we do the math will literally open
thousands of doors otherwise closed to families who are desperate for a better place to live."
congress?
X
President Clinton said, "This is a bold initiative that builds on the significant progress that
the Department of Housing and Urban Development has made on affordable housing - boosting
Administration
5
homeownership to record levels, transformir
;
public
using, stemming the losses of privately-
assisted housing, expanding the role of secondary markets, and enlarging the supply of housing
vouchers
Fair Market Rents are used to calculate the maximum subsidy HUD provides families with
Section 8 vouchers, also known as Housing Choice Vouchers. For the past five years, this payment
standard was set at a level allowing voucher-holders access to 40% of newly-available rental units.
By raising the Fair Market Rents to the 50th percentile, low-income tenants in these markets will
now be able to choose from 25% more rental units.
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