Dwindling public-sector support for affordable housing during the past several years has strained the creativity of housing finance professionals. But none of the government cutbacks thus far have had repercussions as serious as Congress’ elimination of “incremental” Section 8 Existing Housing certificates and vouchers.
Last summer Congress rescinded over $2.6 billion in funding for new Section 8 vouchers and certificates that had already been appropriated, and the continuing resolutions that provide HUD its fiscal 1996 spending authority contain no new funding for the program. As the pipeline of Section 8 subsidies dries up, the housing community is only now beginning to appreciate the extent to which housing policies and practices will have to adjust.
Click here (pdf) to learn more about how Congress’ Section 8 cutbacks impact affordable housing in New York.