search

The Real Deal Logo

Trending

H-E-B snags 21 acres in Celina, hinting at development boomH-E-B snags 21 acres in Celina, hinting at development boomLawmakers reach sweeping housing deal with “good cause eviction,” new 421aLawmakers reach sweeping housing deal with “good cause eviction,” new 421aChetrits have a problem in PassaicChetrits have a problem in PassaicTrump accused of making false statements about $50M Chicago tower loanTrump accused of making false statements about $50M Chicago tower loan
New York

$37M cut from Section 8 rental subsidy program

Dept. of Housing and Preservation will rescind dozens of vouchers; has stopped issuing new ones

Vicki Been, NYC Dept. of Housing Preservation and Development commissioner
Vicki Been, NYC Dept. of Housing Preservation and Development commissioner

Budget cuts to a federal Section 8 rental voucher program have cost it roughly $37 million.

Sign Up for the undefined Newsletter

Under the $400 million-a-year program, low- and middle-income tenants are able to pay for apartments in private New York City properties. The city Department of Housing and Preservation will now rescind dozens of vouchers, and has stopped issuing new ones. The agency declared more than 9,000 households “overhoused,” the New York Times reported. Tenants who were expecting a Section 8 voucher have been advised to relocate to smaller, more affordable apartments. If they were stay where they are, they were told to prepare to pay a steeper rent as a result of the smaller subsidy, the newspaper said. Roughly 120,000 households in the city receive these vouchers.

“Vouchers are absolutely critical to help this lowest income band, but they also help landlords who are fairly low-income themselves,” Vicki Been, the agency’s commissioner, told the Times. “They shore up critical building stock that’s often left untouched by city programs.” [NYT] — Mark Maurer

Tags
Department Of Housing Preservation And DevelopmentVicki Been