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NYC Department of Housing Preservation & Development
Press Room

Mayor's Office Press Release #256-04

FOR IMMEDIATE RELEASE
September 28, 2004

STATEMENT BY MAYOR MICHAEL R. BLOOMBERG
ON THE U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT'S RECONSIDERATION ON FAIR MARKET RENT

"I would like to thank HUD for recognizing that proposed changes to the calculation of Fair Market Rent would have negatively impacted the 110,000 New York families who rely on federal Section 8 rental assistance. I expressed New York City's concerns to HUD Secretary Alphonso Jackson by telephone yesterday, and spoke to the HUD Secretary twice before on the importance of preserving Section 8 rental assistance for New Yorkers. These efforts previously resulted in the restoration of over $52 million in Section 8 funding for New York City. We are hopeful that after completing the more accurate review that is currently underway, the Fair Market Rents that HUD will announce will accurately reflect market conditions in New York City.

"New York City is famous for being a tough renters' market. There is a 3% vacancy rate. It is important that Fair Market Rents reflect actual conditions because lowering the Fair Market Rent number will reduce housing options for low-income New Yorkers and make it more difficult for them to find housing they can afford. The potential impact of this on the Administration' housing plan is that it could delay our rehabilitation of occupied buildings, make it harder for families relocating out of homeless shelters to find permanent housing, and put the long-term health of affordable housing developments at risk because there would be less operating income."

Contact: Edward Skyler / Jennifer Falk (212) 788-2958




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