Clarendon Contract Renewed with HUD NYC
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Clarendon’s contract with the U. S. Department of Housing and Urban Development (HUD) to provide Section 8 Rent Comparability Studies has been renewed for the New York City Metro Area (Brooklyn, Queens, Bronx, Manhattan and Staten Island), Long Island Counties (Nassau, Suffolk), Westchester, Putnam, Orange, Dutchess, Ulster and Sullivan Counties.
Read more about our expertise and insights in the New York 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”.
