The rental assistance budget line item is based on:
Number of units x Fair Market Rent (FMR) x Number of months in the grant term
For example, a program that rents ten one-bedroom units for a year would develop a rental assistance budget based on the monthly one-bedroom Fair Market Rent for 12 months multiplied by the total number of units.
Looking for definitions of the common CoC and ESG Program terms referenced throughout the Virtual Binders?
|
Unit Size |
FMR |
x |
# Units |
x |
# Months |
= |
Total |
|---|---|---|---|---|---|---|---|
|
1 Bedroom |
$650 |
x |
10 |
x |
12 |
= |
$78,000 |
|
2 Bedroom |
$800 |
x |
5 |
x |
12 |
= |
+ $48,000 |
|
|
|
|
|
|
|
|
$126,000 |
Per the CoC NOFA, the use of actual rents below FMR may be used to calculate the rental assistance budget line item.
Eligible Activities:
Eligible Activities:
Environmental
Financial Management:
Grant Administration:
Homeless Eligibility:
Leasing and
Match:
Program
Program
Rent Calculation:
UFA: CoC
Additional