The House Appropriations Committee approved Transportation, Housing and Urban Development (THUD) funding legislation for FY 2015 on May 21. The bill falls short on funds for the Section 8 Project-Based Rental Assistance (PBRA) program. And, although the legislation would increase funding overall for the Section 8 housing voucher program, there is concern that cuts to PBRA will require Public Housing Authorities (PHA) to implement further cost savings measures. Full Senate action on the THUD budget is expected as soon as before the August Congressional recess.
NMHC/NAA are part of a coalition of real estate groups that have sent letters to both the House and Senate expressing support for fully funding HUD’s PBRA program. However, as the government continues to implement cost savings measures, it is vital that the multifamily industry prepare for future budget shortfalls by proactively meeting with local PHAs to develop contingency plans.