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Last week the Senate Banking Committee convened a hearing on "Streamlining and Strengthening HUD’s Rental Housing Assistance Programs." The hearing focused on reform to the Section 8 voucher program, which provides low income families with rental housing assistance. NAR supports the legislation that passed the House Financial Services Committee in the Spring.
This bill seeks to reduce taxpayer costs within the Department of Housing and Urban Development’s Section 8 voucher program and facilitate greater private sector participation in the program. The bill includes provisions that will reduce administrative burdens and lower program costs, while increasing local flexibility. These changes (such as streamlining physical inspections; simplifying rent and income calculations; and reducing the burden of foreign language translations) will mean that more owners will want to participate in delivering affordable housing to those who need it.
Similar legislation is expected to be introduced soon in the Senate.