May 14, 2024

HUD: $30 Billion Investment Announced to Keep American Families Housed

Housing Choice Voucher Program Renewal Funding Supports Affordable Housing Nationwide.

Today, the U.S. Department of Housing and Urban Development (HUD) announced $30 billion in renewal funding for the Housing Choice Voucher Program (HCV). This funding will help Public Housing Authorities (PHAs) continue to provide assistance to families and individuals who are in need of affordable housing options.

“These housing choice vouchers will create stability and certainty for individuals and families throughout the country,” said HUD Acting Secretary Adrianne Todman. “As HUD’s single largest investment in affordable housing, these funds make accessing affordable housing less burdensome for renters, public housing authorities, and landlords.

Since last year, the HCV program saw a $2 billion increase in funding to help maintain housing vouchers for families across the country. Since 2022, this budget allocation has grown nearly 20% (over $4 billion), allowing the value of a Housing Choice Voucher to keep pace with rising rental costs, and helping to make sure that voucher holders can continue to access neighborhoods of opportunity. This announcement is a continuation of the Biden-Harris Administration’s efforts to increase the housing supply across the country for those who are most in need.

“The HCV program is the most successful rental program ever conceived,” said Principal Deputy Assistant Secretary for Public and Indian Housing, Richard J. Monocchio. “Not only do housing vouchers free up income for basic needs, but when families are able to live in stable, affordable housing in low-poverty communities, we see higher cognitive test scores and educational outcomes for children and increased chances of attending college and earning more as adults.”

Housing Vouchers assist over 2.3 million families in need of housing, including families with children, older adults, veterans, and people with disabilities, making it the most effective intervention to reduce homelessness and housing instability. Housing Vouchers offer families flexibility and a wider range of affordable housing options in communities with better schools, or access to jobs or other opportunities, but landlords must be willing to accept vouchers for them to be effective.

HUD continues to work with communities to help them promote the housing choice voucher program by offering tools for landlord engagement and working with PHAs to meet their local housing needs with the HCV utilization resources.

Click here to see a list of communities who have received funding.

This post was originally published here.