As the foreclosure crisis continues to affect families across the nation, preserving and creating affordable rental housing has become a top-tier issue for those in the affordable housing industry.
To address this need, U.S. Department of Housing and Urban Development (HUD) Secretary Shaun Donovan affirmed the agency’s plan to expand affordable housing options for renters Monday at a news conference in Conshohocken, PA. As a top priority at HUD, Secretary Donovan stated that there would be a “recommitment” at the agency to provide rental housing for lower-income families.
Specifically, in Obama's recently proposed budget, HUD would increase spending for rental vouchers by $1.8 billion, which would create additional housing for 225,000 individuals and families. Donovan also said that the administration wants to increase the amount of tax credits available for underwriting affordable housing projects by $2.25 billion.
To learn more about expanding the stock of rental housing affordable to all, please join the "Rental Housing Preservation" Discussion Group on the HousingPolicy.org Discussion Forum.