"HUD's New Aid Addresses Rising Rents, Supports Low-Income Families"

The Department of Housing and Urban Development (HUD) is increasing aid for low-income families to help them keep up with rising rents. HUD is implementing an average 12% increase in fair market rents for fiscal year 2024, allowing beneficiaries of housing vouchers to afford rentals in more competitive markets. Additionally, HUD will release $113 million in housing choice voucher funds to assist around 9,500 households. The increase in aid aims to address the decline in voucher usage due to insufficient fair market rents. The national average rent has risen by about 5.45% in the past year, but there are signs of softening in some markets. This move comes as President Joe Biden faces low approval ratings for his handling of the economy.