Location: Assumption Parish, LA | Metro: Assumption Parish, LA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $760 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $930 |
| 3 Bedrooms | $1,240 |
| 4 Bedrooms | $1,490 |
| 5 Bedrooms | $1,728 |
| 6 Bedrooms | $1,935 |
| 7 Bedrooms | $2,090 |
| 8 Bedrooms | $2,195 |
The economics of Section 8 in ZIP code 70391 are straightforward. The SAFMR (Standard Amount for Fair Market Rent) for a two-bedroom apartment in this specific ZIP code for fiscal year 2024 is set at $1040. This figure represents the maximum amount that the housing authority will pay to landlords participating in the program for a unit of this size.
A voucher holder's contribution towards rent is typically 30% of their adjusted income. For instance, if a tenant has an adjusted monthly income of $1500, they would contribute $450 towards rent ($1500 * 0.30 = $450).
In addition to the rent subsidy, Section 8 vouchers also include utility allowances. These allowances vary but are crucial for calculating the total payment you can expect. Let's assume a utility allowance of $200 per month for simplicity, though actual amounts can differ based on the household's needs and the local housing authority's guidelines.
To walk through the math, if a landlord charges the SAFMR of $1040 for a two-bedroom unit, and the tenant contributes $450 plus a utility allowance of $200, the total reimbursement received by the landlord would be $650 ($450 + $200). Therefore, the landlord would receive $650 from the tenant and the housing authority combined, leaving a reimbursement gap of $390 ($1040 - $650).
This reimbursement gap is the difference between what the landlord could potentially charge in the local market and what they receive under the Section 8 program. In ZIP 70391, the local market rent is currently unavailable, which means landlords must rely on the SAFMR as a benchmark for setting their rental rates.
To summarize, in ZIP 70391, landlords should anticipate a reimbursement gap when renting a two-bedroom unit under the Section 8 program. With the tenant's contribution and utility allowance totaling $650, the landlord would need to adjust their expectations accordingly, recognizing the $390 shortfall compared to the SAFMR of $1040.
Data Sources: FMR data from HUD (2027).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.