Section 8 Housing Assistance Payments Program-Annual Adjustment Factors, Fiscal Year 2024
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Issuing agencies
Abstract
The United States Housing Act of 1937 requires that certain assistance contracts signed by owners participating in the Department's Section 8 housing assistance payment programs provide annual adjustments to monthly rentals for units covered by the contracts. For owners subject to a Reserve for Replacement deposit requirement, HUD also requires that the amount of the required deposit be adjusted each year by the AAF. This notice announces FY 2024 AAFs for adjustment of contract rents on the anniversary of those assistance contracts. The factors are based on a formula using residential rent and utility cost changes from the most recent annual Bureau of Labor Statistics (BLS) Consumer Price Index (CPI) survey and market rents from a total of six possible private sector rent data sources. AAFs were historically based on the shelter and gross rent inflation factors used in HUD's Fair Market Rent (FMR) calculation, and this notice maintains that practice by updating the AAF methodology in line with the FMR methodology changes that HUD adopted for FY 2024.
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