HOUSING VOUCHERS AND SUBSIDIES

Housing Vouchers are provided to people with barriers to acquiring housing whether those be economic, health, or history related.

 

Did you know the average cost to replace a tenant is $2,500? Tenants with subsidies and vouchers are in need of a home, not just a place to live, and by renting to the right tenant with a voucher, unit turnover can be reduced. Those high annual savings fill the gap between subsidy assistance and what a market rate tenant would pay.

 

Typically tenants with subsidies and vouchers also have HOUSING NAVIGATION and CASE MANAGEMENT support.

We are here to help.

HAVE QUESTIONS?

1-844-926-6632

The Amount a Tenant can pay while using a voucher is determined by the Department of Housing and Urban Developmentā€™s Fair Market Rents.

 

Fair Market Rents

Fair Market Rents (FMRs) are gross rent estimates set by the US Department of Housing and Urban Development (HUD) to assure that a sufficient supply of rental housing is available to program participants.  To accomplish this objective, FMRs must be both high enough to permit a selection of units and low enough to serve as many low-income families as possible.  FMRs are primarily used to determine payment standard amounts for the:

 

  • Housing Choice Voucher program,
  • to determine initial renewal rents for some expiring project-based Section 8 contracts,
  • to determine initial rents for housing assistance payment (HAP) contracts in the Moderate Rehabilitation Single Room Occupancy program (Mod Rehab), and
  • to serve as a rent ceiling in the HOME rental assistance program.

By law the final FMRs for use in any fiscal year must be published and available for use at the start of that fiscal year, on October 1. HUD uses the most current Office of Management and Budget (OMB) definitions of metropolitan areas to define FMR areas.  The level at which FMRs are set is expressed as a percentile point within the rent distribution of standard-quality rental housing units.

 

The FY 2015 FMRs are based on five-year data collected by the American Community Survey (ACS) from 2008 to 2012.  These data are updated by one-year ACS data for areas where statistically valid data is available. The Consumer Price Index (CPI) rent and utility indexes were used to update the data from 2012 to the end of 2013.

Final FY2015 Colorado FMR Metropolitan Area Summary
Metropolitan Area Name Studio One-Bedroom Two-Bedroom Three-Bedroom Four-Bedroom
Boulder, CO MSA $857 $996 $1,232 $1,815 $2,157
Colorado Springs, CO HUD Metro FMR Area $531 $659 $856 $1,261 $1,516
Teller County, CO HUD Metro FMR Area $558 $719 $899 $1,298 $1,302
Denver-Aurora-Broomfield, CO MSA $723 $893 $1,156 $1,696 $1,967
Fort Collins-Loveland, CO MSA $600 $742 $893 $1,316 $1,582
Grand Junction, CO MSA $491 $585 $779 $1,148 $1,319
Greeley, CO MSA $523 $611 $786 $1,153 $1,392
Pueblo, CO MSA $462 $560 $733 $1,049 $1,132

The current FMRs as well as more information on the calculation methodology is located at:

http://www.huduser.org/portal/datasets/fmr.html

When a person with a voucher has been selected to be a tenant the property must undergo an inspection.

Housing Quality Standards (HQS)

The purpose of HQS inspections is to ensure that housing is decent, safe and sanitary.  The inspector (often the caseworker) conducts the unit inspection.  An initial inspection for each unit will occur as part of the tenancy approval process and the unit must pass the HQS inspection before the execution of the assisted lease, housing assistance payments contract and the initiation of payments.  Each item on the inspection checklist must receive a rating of pass, fail, or inconclusive.  HQS consists of the following thirteen (13) performance requirements:

 

  • Sanitary facilities;
  • Food preparation and refuse disposal;
  • Space and security;
  • Thermal environment;
  • Illumination and electricity;
  • Structure and materials;
  • Interior air quality;
  • Water supply;
  • Lead-based paint;
  • Access;
  • Site and neighborhood;
  • Sanitary condition; and
  • Smoke Detectors.

 

The inspection checklist can be found at:

http://portal.hud.gov/hudportal/documents/huddoc?id=52580.pdf