The Department of Housing and Urban Development (HUD) recently announced it will provide more aid for 2024 housing voucher programs to help Americans deal with rising rents. HUD is establishing an average increase of around 12% nationwide for fair-market rents in fiscal year 2024.
The increase raises the maximum payments for beneficiaries of housing vouchers, allowing them to accommodate rising rents in more competitive rental markets. According to NBC News, that increase goes into effect on Oct. 1. In addition, HUD will release $113 million next week in housing choice voucher funds for public housing agencies in 36 states, which it says will help around 9,500 additional households.
“When rents go up, obviously, the money that has been provided to [public housing authorities] doesn’t go as far, so these funds are going to augment that,” said Richard Monocchio, head of public and Indian housing at HUD.
The new aid will give tenants "more choice of where they can live, the neighborhoods that they can live in," Monocchio said.
