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HUD Provides Affordable Housing By Announcing The Availability Of $30.3 Billion For Housing Authorities
HUD allocates $30.3 Million to the Housing Choice Voucher program to address the inflation in rents and enable low-income families to use vouchers to afford decent housing for themselves and their families.
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Washington- The Department of Housing and Urban Development announced the availability of a $30.3 Billion Housing Choice Voucher (HCV) program for 2023 to provide affordable housing to low-income families. Compared to the previous year, there has been a $2.9 Billion increase which in turn will help the Public Housing Authorities (PHAs) to address inflation in terms of rent. This increase in funds will also enable more low-income families to use housing choice vouchers and afford a decent home for themselves.
A notice was published last week that stated, out of $30.3 Billion, HUD awarded $27 Billion to PHAs so that they can renew assistance for the low-income households which are currently using housing choice vouchers. Most of the households are seniors and people with disabilities and the rest are working families with children. The notice also confirmed the availability of $337 Million to assist tenants in Public Housing being demolished or removed from service.
Around $50 Million will be awarded by HUD for new vouchers for homeless veterans under the VASH program. Likewise, $30 Million will be awarded under FUP to enhance assistance to the youth and families and another $50 Million to meet other local housing needs.
Marcia L. Fudge says, “ 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”.
HUD’s secretary also highlighted how communities like theirs and others can make use of the resources to attract landlords towards the program and they also help people in getting affordable housing.
HUD promotes the housing choice voucher program together with communities by offering tools for landlord engagement and meeting their local housing needs with the help of HCV utilization resources while working with PHAs.
With the implementation of 2023 Fair Market Rents (FMR), it will be easier for families to use the housing choice vouchers to access affordable housing. With the help of the new FMR levels, the voucher program can keep up if the rent increases in the private market.
Besides this, the 2024 Budget proposal includes $32.7 Billion for HCV, $13 Billion for veterans with low income, and $9 Billion for extending support to youth leaving foster care.
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The content provided in this article draws inspiration and includes quotes from various reputable sources, including news articles, government data, and interviews. Affordable Housing 411 strives to ensure accuracy and credibility, but the information presented may be based on some external sources. We encourage readers to refer to the referenced materials for more in-depth insights and verification.
Department of Housing and Urban Development. “HUD Announces The Availability Of $30.3 Billion For Housing Authorities To Provide Affordable Housing”. HUD, April 13, 2023, HUD Announces the Availability of $30.3 Billion for Housing Authorities to Provide Affordable Housing | HUD.gov / U.S. Department of Housing and Urban Development (HUD)
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