This paper consists of five parts. The first discusses the history of the concept of FMRs, and shows how the concept has changed through time. The next section discusses issues surrounding FMRs from two points of view: the point of view of the program administrator, and the public policy point of view, which takes a more fundamental look at the equity and efficiency issues surrounding the concept. Next, the hedonic approach is explained, along with the statistical hedonic technique. The next section discusses the relation of the FMR issue to new proposals for housing vouchers. The paper concludes with a discussion of alternatives that might be considered at this time, including use of the hedonic approach, and the hedonic statistical technique.

This report is part of the collection of scanned historical documents available to the public.