Massachusetts estimates that it will lose 2,700 vouchers in FY 2004 if HUD proceeds as planned, and the Sacramento Housing and Redevelopment Authority says it will see a shortfall of $1.6 million-$2.6 million, forcing it to terminate 500 vouchers.
NAHB is also concerned that the new policy over the long term will discourage apartment owners and lenders from participating in the Section 8 voucher program because they can no longer be assured that funding for the program is stable and reliable.
Since the program’s inception, Congress has never reduced funding for Section 8 renewals, and it appropriated enough money to fully fund all authorized vouchers in 2004. HUD, nevertheless, has not backed down from its position, spurring complaints from many members of Congress, who have reiterated that their intent has been to fully fund all authorized vouchers.
NAHB has expressed grave concern about this issue to HUD Secretary Alphonso Jackson and to Deputy Assistant Secretary of Public Housing William Russell. The association is also working closely with Congress to ensure that HUD spends the funds that have been appropriated so that families are not displaced and housing providers and investors continue to participate in what to date has been a highly successful program.
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