HUD Announces $30.3B for Affordable Housing
The 2023 Housing Choice Voucher (HCV) program funding is a 10.5% increase ($2.9B) over last year. It’s HUD’s largest single investment for affordable housing
WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) announced $30.3 billion for the Housing Choice Voucher (HCV) Program for 2023 – a $2.9 billion (10.5%) increase over the prior year. The increase, in part, addresses recent rent inflation.
In an initial notice published last week, HUD awarded $27 billion of the $30.3 billion to Public Housing Authorities (PHAs) to renew assistance for 2.3 million low-income households currently using housing vouchers.
According to HUD, seniors and people with disabilities make up more than half of those voucher households, with the rest made up largely by working families with children and about 79,000 veterans who formerly were homeless.
The notice also makes $337 million available to continue assistance for tenants in public or other assisted housing that is being demolished or otherwise removed from service, and $2.8 billion for PHA administrative expenses (15% increase).
Later in the year, HUD plans to award $50 million for new vouchers for homeless veterans under the Veterans Affairs Supportive Housing (VASH) program, $30 million to expand assistance for foster youth and families under the Family Unification Program (FUP), and $50 million for flexible new housing vouchers to meet other local housing needs.
“We know there is a housing affordability crisis, and this funding will help people who are struggling to find a place they can afford to live, including people experiencing homelessness,” said HUD Secretary Maria L. Fudge. “With the awarding of these funds for housing choice vouchers – which represents HUD’s single largest investment in affordable housing – public housing agencies throughout the country have flexible resources to offer more housing options so that no one is ever denied housing because they are unable to pay the monthly rent.”
© 2023 Florida Realtors®