Clarendon Awarded U.S. Northeast Contract
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Clarendon was awarded a contract with the U. S. Department of Housing and Urban Development (HUD) to provide Section 8 Rent Comparability Studies for the Northeast Region of the United States. The region is based in New York City and includes the following 14 states: Connecticut, Delaware, District of Columbia, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, Vermont, Virginia and West Virginia.
Read more about our expertise and insights in the U.S. Northeast rental market.
Section 8 laws and procedures require the U. S. Department of Housing and Urban Development (HUD) to obtain and review Rent Comparability Studies (RCS) when renewing most Section 8 contracts. The market rents resulting from these studies determine the rents owners can receive under the program and greatly influence whether an owner will renew and continue providing affordable housing or opt-out of the Section 8 contract and convert to market rent housing. The market rents set in these studies also drive HUD’s outlays for Section 8 project-based subsidy.
For more information on Rent Comparability Studies (RCS) and the market rent threshold test, read our article “HUD Releases Mandatory Market Rent Threshold Test”.
