NEWARK, NJ — The U.S. Department of Housing and Urban Development (HUD) today unveiled two significant measures aimed at providing more families with affordable, stable housing: the updated Fair Market Rents (FMRs) for Fiscal Year 2024 and an additional $113 million in Housing Choice Vouchers nationwide.
In New Jersey, the FMRs for 2024 have been increased across all areas. For example, the maximum rent for a two-bedroom unit in the Middlesex-Somerset-Hunterdon area will be $2,276, marking an 18.7% increase from the previous year. HUD has also allocated $3,130,719 to six public housing agencies in the state to help manage these increased costs.
HUD Secretary Marcia L. Fudge highlighted the importance of housing choice vouchers as a crucial tool for securing affordable housing. “This year, rents have risen again, emphasizing the growing cost burden for American families. These updated FMRs and additional funding will help households use vouchers effectively in a competitive rental market,” she said.
Alicka Ampry-Samuel, HUD Regional Administrator for New York and New Jersey, stated that the increased funding is particularly significant for New Jersey where rents have seen substantial increases. “More funding for high-performing housing authorities can mean the difference between housing and homelessness for many,” she noted.
The new FMRs for FY 2024 are calculated using a variety of data sources, including Zillow and Apartment List, aiming to reflect real market conditions. On average, FMRs across the U.S. will increase by approximately 12%, expanding the housing options for voucher holders.
The additional $113 million in Housing Choice Voucher funding will be awarded to 118 high-performing public housing agencies across 36 states. These funds will facilitate rental assistance for an estimated 9,500 additional households over the next year.
Richard J. Monocchio, Principal Deputy Assistant Secretary for Public and Indian Housing, stated that the additional funding will enable housing agencies that are already operating efficiently to accommodate more families. “We want communities to have the tools they need to help families lease homes,” he said.