Clarendon Awarded HUD New York City Contract
Clarendon has been awarded a contract with the U. S. Department of Housing and Urban Development (HUD) to provide Section 8 Rent Comparability Studies for the New City Metro Area (Brooklyn, Queens, Bronx, Manhattan, Staten Island), Long Island Counties (Nassau, Suffolk), Westchester, Putnam, Orange, Dutchess, Ulster and Sullivan Counties
Section 8 laws and administrative procedures require HUD to obtain and review Rent Comparability Studies (RCS) when initially renewing most Section 8 contracts and when processing some rent increase using the Annual Adjustment Factors. The market rents resulting from these studies determine the rents owners can receive and, hence greatly influence whether an owner will renew and continue providing assisted housing or optout of the Section 8 contract and convert to unassisted, market rent housing. The market rents set in these studies also drive HUD’s outlays for Section 8 project-based subsidy.
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Clarendon, headquartered in Cleveland, Ohio, specializes in Affordable Housing Valuation, Market Studies, Research, Development Support and Investment Sales services for public and private clients in major markets nationwide.
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