Industry News

Federal limits on real estate vouchers spark outcry

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A coalition of housing and real estate organizations, the National Association of Realtors and the National Multi Housing Council among them, issued a statement in protest to new limits in federal money for housing vouchers issued through public housing authorities. Congress restricted the U.S. Department of Housing and Urban Development's funding for rental-housing vouchers, also called Section 8 vouchers, to limit the cost of the program. Earlier this year there were about 2 million low-income households receiving Section 8 vouchers, and more than half of voucher recipients are families with children, while about 40 percent are seniors or persons with disabilities. The new policy will affect "less than half of 2,500 public housing authorities" that participate in the voucher program, according to a HUD statement. The new restrictions require HUD to pay vouchers based on a cost reported to the department as of Aug. 1, 2003, with increases available if public housing authorities can ...