Basic rent refers to the minimum rent that a tenant must pay under a HUD-subsidized housing program such as Section 236. This rental rate is often influenced by the tenant's income level and family size.
Fair Market Rent (FMR) is the amount a property would command if it were available for lease on the open market, reflecting current rental market conditions. FMR is often used in determining rent subsidies under government programs and provides a benchmark for rental prices in a given area.
Section 8 Housing refers to privately-owned rental dwelling units participating in a low-income rental assistance program established through amendments to Section 8 of the 1937 Housing Act in 1974.
