Congress approved legislation to fund the government through September 30, 2020 for all federal agencies, in advance of the December 20 deadline. President Trump approved the measure – avoiding the threat of a government shutdown.
The U.S. Department of Housing and Urban Development (HUD), will have $49.1 billion in resources for the Fiscal Year (FY) 2020 – an increase of $4.9 billion above the FY 2019 level.
The tenant-based Section 8 Voucher Program is funded at $23.9 billion and the project-based rental assistance program is funded at $12.6 billion. Importantly, funding for both programs is above FY 19 levels.
NMHC and NAA spearheaded an industry letter in November urging Congress to approve a full-year funding package to assist the five million low-income households, while also providing certainty for the real estate sector. We are pleased Congress and the President approved a long-term funding mechanism. Funding levels adopted are expected to support the same number of households currently assisted, however we remain concerned about the growing affordable housing crisis.
- Apartment Industry Statement on the Emergency Housing Protections and Relief Act of 2020
- Urban Institute Releases Report - How Much Assistance Is Needed to Support Renters through the COVID-19 Crisis?
- Challenges Facing The Apartment Industry
- House Looks at Pandemic’s Effect on Renters and Housing Providers
- Real Estate Coalition Letter on Financial Stability of the Rental Housing Industry