Both the Daily News and Post are reporting on HUD's budget shortfall, causing the government's housing agency to miss payments to affordable housing providers this August. According to Senator Schumer, about 7,000 apartments in the New York State(4,000 in the five boroughs) didn't get their subsidy check that keeps rents at 30% of household income.
While not 100% clear in the articles, it sounds like the problems are currently affecting the project-based Section 8 program -- not the vouchers that tenants use widely throughout the west Bronx. Even still, the implications are great for providers of affordable housing, and could encourage some providers to opt out of the program as contracts expire, meaning a loss in the number of subsidized apartments.
If the problem does spread to the voucher program, the West Bronx would be in deep trouble, as 18% of all rental units in 2005 were occupied by a Section 8 voucher holder (Community Boards 3, 4 5, 6, and 7). If you are interested, check out UNHP's 2005 report on the West Bronx's reliance on Section 8 Voucher subsidies.
Tuesday, September 18, 2007
Section 8 Troubles? Not good news for the Bronx!
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