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Dear Owners and Property Managers,
Thanks for providing "decent, safe, and sanitary" rental units to low-income families throughout the City of Long Beach. Approximately 6,500 families benefit from the Long Beach Housing Authority efforts and your continuous participation with us to provide affordable housing. HUDís funding has been very restrictive, and the ripple effect of a weak economy has directly affected our Rent Reasonable procedures.
The Small Area Fair Market Rents (FMR) is a result of extensive research conducted by HUD to study rent patterns of different Metropolitan areas by zip codes in the private and federally assisted markets. In an effort to adjust for a more accurate market reflection, HUD published Small Area FMRs as a demonstration project using actual market information. This agency has not lowered the payment standard to reflect the Small Area FMRs however an extensive rent comparable study confirms the rents published by HUD and therefore supports a reduction of approvable rent in most Long Beach neighborhoods. The rents below are not a ceiling rent but do reflect a median rent for specific Long Beach areas. Please take the time to study the Small Area FMR matrix as it will immediately affect most rents approved by the Long Beach Housing Authority. .
HUDís goal in this new process is to better reflect the actual rents in urban areas and neighborhoods. Should you have questions or concerns, please direct them to Alison King at 562.570.6153 or Alison.email@example.com
Please see the attachment for the new approved rent amounts.
( View PDF )
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