City’s rental subsidies program ge

A $32 million plan to save the city’s Section 8 rental subsidies program received federal approval yesterday, sparing thousands of families from losing their vouchers. Under the plan, according to the New York Times, the Department of Housing Preservation and Development will finance $32 million worth of subsidies that would have otherwise been cut due to the New York City Housing Authority’s budget shortfalls. The Housing Authority, which administers the vouchers, has faced criticism in recent months for issuing too many of them. Even after a $24 million contribution by the federal Department of Housing and Urban Development earlier this year, 4,000 families were still in line to be cut from the program. HPD will transfer funding from other programs and tap into its reserves in order to pay for the new plan. [NYT]