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<br /> Consolidated Plan REDWOOD CITY 67 <br />OMB Control No: 2506-0117 (exp. 06/30/2018) <br />Monthly Rent ($) Efficiency (no <br />bedroom) <br />1 Bedroom 2 Bedroom 3 Bedroom 4 Bedroom <br />High HOME Rent 1,256 1,409 1,693 1,947 2,153 <br />Low HOME Rent 1,026 1,099 1,318 1,523 1,700 <br />Table 33 – Monthly Rent <br />Data Source: HUD FMR and HOME Rents <br /> <br /> <br />Is there sufficient housing for households at all income levels? <br />No. There are several indicators that demonstrate the supply of housing is inadequate including low <br />vacancy rates in the rental market as well as overbidding situations in the real estate market. Further, <br />there have been numerous reports of residents with Section 8 vouchers not being able to find landlords <br />willing to participate in the program since the market rates have increased to a point that make Section <br />8 unviable. As shown above, Fair Market Rents are well below actual rents in the community. This <br />means that lower income households are paying far too much for housing, and may be severely <br />overcrowded to make ends meet. <br />How is affordability of housing likely to change considering changes to home values and/or <br />rents? <br />Housing will continue to be unaffordable, and as rents and values rise, fewer people will be able to find <br />a place to live. <br /> <br />How do HOME rents / Fair Market Rent compare to Area Median Rent? How might this <br />impact your strategy to produce or preserve affordable housing? <br />Fair Market Rents (FMRs) are estimates, prepared by the US Department of Housing and Urban <br />Development, of the rent plus utilities that would be required to rent privately owned, decent, safe, and <br />sanitary rental housing of a modest nature with suitable amenities. The calculation of FMRs is based on <br />information from the 2010 Census, housing surveys, and the CPI for housing. The rent figures do not <br />necessarily reflect current asking rents, but rather the upper limits of rents that can be used in the <br />negotiations for Section 8 contracts and other similar rent subsidy programs. The difference between <br />FMRs and market rents illustrates the ongoing problem of the need for increased housing subsidies. In <br />addition, FMRs tend to lag behind actual market trends by a year or sometimes more. As the gap <br />between HUD FMRs and rents in the County widen, there are fewer and fewer landlords who will accept <br />Section 8 vouchers and certificates. <br />Discussion <br /> <br />6.3.F. - Page 79