Property Management
What is 'fair market rent' (FMR) and how does it affect Illinois Section 8 landlords?
AFMR is the average rent in a market, set by landlords through competition
BHUD-established fair market rents determine the maximum subsidy amount for housing vouchers; landlords' rents must be at or near FMR to accept vouchers✓ Correct
CFMR is an Illinois law requiring rental prices to match comparable units
DFair market rent is the rent set by the Illinois IHDA for affordable housing
Explanation
HUD establishes Fair Market Rents (FMRs) for different unit sizes in each metropolitan area. For the Housing Choice Voucher program, the housing authority will subsidize up to the local FMR (or a payment standard close to it). Landlords who want to participate in the program must charge rents at or below the FMR (or receive approval for higher rents in certain cases). In the Chicago metro area, FMRs are set for Cook, DuPage, Kane, and other counties separately.
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