For nearly a decade, lawmakers have been considering Section 8 reform legislation. On June 23, a key House Financial Services Subcommittee held a hearing on draft reform legislation.
The bill makes numerous program changes supported by NAA/NMHC to improve the efficiency of the program, including streamlining the inspection process, establishing a more reliable annual funding formula and clarifying the government’s role in complying with requirements to translate lease documents into foreign languages.
While this is just the first step in a long process to enacting legislation, supporters are hopeful that reform may pass in this Congress. With lawmakers focused on deficit reduction, momentum on the issue is aided by the fact that improving the Section 8 program could produce meaningful cost savings.