The Department of Housing and Urban Development is providing more aid for 2024 housing voucher programs as it deals with rising rents.
The department is establishing an average increase for fair market rents in fiscal year 2024 of about 12% nationwide.
The increase, which goes into effect Oct. 1, sets a higher level for the maximum payments for beneficiaries of housing vouchers, allowing them to keep up with rising rents in more competitive rental markets, HUD said in an announcement obtained first by NBC News.