
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.