Rental Assistance Budgets

How is the rental assistance budget line item determined? (§ 578.51(f))

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?

Virtual Binders Glossary

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.