The $85 billion in federal spending cuts triggered on March 1, 2013, by Congress’ inability to reach agreement on a deficit reduction plan affects a number of affordable housing programs, including HUD’s Section 8 Project-Based Rental Assistance (PBRA) program. The program is slated to have $772 million cut from a total budget of $9.3 billion, according to Office of Management and Budget.
On March 11, HUD Deputy Assistant Secretary Marie D. Head sent a letter to Section 8 housing owners and industry partners detailing the department’s plan for minimizing program fallout from the budget cuts. To avoiding payment disruptions, HUD plans to prioritize contract renewals, providing full 12-month funding for contracts expiring in FY 2013. Depending on their expiration and anniversary dates, multi-year contracts will receive either full or partial year funding; however, HUD assures they will have sufficient funding to carry them into the first quarter of FY 2014.
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