Obama’s FY 2011 budget would decrease HUD funding by approximately 5 percent, but would increase funding for the Section 8 voucher program by $1.4 billion. The proposed funding level is expected to cover the cost of existing vouchers. The budget also seeks additional funding for a budget authority to cover future-year renewals of Section 8 project-based contracts.
Finally, the proposal requests $350 million for a controversial program called “Transforming Rental Assistance” (TRA). The voluntary program would convert funding for some public and assisted housing to a new type of project-based voucher. The goals of the program are to streamline program requirements, expand financing opportunities for public housing agencies and increase mobility options for residents. NAA/NMHC are currently analyzing the initiative.
As part of the budget development process, HUD identified its high-priority performance goals, which include better meeting the growing need for affordable rental housing and enabling more cost-effective energy upgrades.