Section 8 Project-Based Rental Assistance: The Potential Loss of Affor...

Section 8 Project-Based Rental Assistance The Potential Loss of Affordable Federally Subsidized Housing Stock

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Issue Brief Home The federal Department of Housing and Urban Development (HUD) contracts with for-profit owners of private multifamily housing [to] make specific rental properties available to qualified low-income households...Approximately 1.2 million renter households of all ages benefit from this type of rental subsidy, including 500,000 older households. Most Section 8 contracts have expired or will expire soon, and the property owners must now decide whether to renew their contract or leave the program ("opt out"). The problem is concentrated among those projects for which the rent levels set by the Section 8 contract are below the prevailing market rents for comparable units. Owners thus have an incentive to leave the program and convert their property to private market rentals. —from the Executive Summary of the AARP Public Policy Institute Issue Brief by Andrew Kochera, Don Redfoot and Jeremy Citro (15 pages) Cancel You are leaving AARP.org and going to the website of our trusted provider. The provider’s terms, conditions and policies apply. Please return to AARP.org to learn more about other benefits. Your email address is now confirmed. You'll start receiving the latest news, benefits, events, and programs related to AARP's mission to empower people to choose how they live as they age. You can also by updating your account at anytime. You will be asked to register or log in. Cancel Offer Details Disclosures

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