Section 8 Housing Choice Voucher Renewal Formula
Early this week, a coalition of 12 concerned stakeholders, including NAHMA, issued a joint press release. The release explains the short-term and long-term danger to the voucher program posed by the renewal formula. It also calls on HUD to work with Congress and the affordable housing sector to resolve this problem. The link to this press release is available on NAHMA’s homepage,
www.nahma.org.
On Tuesday, Rep. Barney Frank (D-MA) introduced a bill, HR 4263, which ensures full funding of the voucher program. As explained in the Dear Colleague letter Rep. Frank sent to his fellow House members (and also available on NAHMA’s website), the bill “would restore the practice of renewing vouchers based a housing agency’s actual per unit costs in the prior quarter, adjusted by inflation for the intervening months. It also provides that this method be used for all renewals funded with FY 2004 money -thus undoing the retroactive cuts that HUD is now imposing.” Members are strongly urged to ask their congressmen to cosponsor this bill.
NAHMA has updated our website with the latest information you need to get involved and register your interest in this important issue. Please visit
NAHMA’s Grassroots Advocacy Center to find a draft letter NAHMA members can send to their congressional delegation expressing concern about the renewal formula.
House Financial Services Housing and Community Opportunity Subcommittee News
Although NAHMA does not take positions on homeownership bills, members may be interested to know the Subcommittee has approved H.R. 3755, the Zero Downpayment Act of 2004, which was introduced by Rep. Patrick Tiberi (R- OH). A Subcommittee press release explains, “H.R. 3755 would eliminate the downpayment requirement for families and individuals who buy homes with Federal Housing Administration (FHA)-insured mortgages. The Zero Downpayment Act would create opportunities for first-time homebuyers who: do not hold enough savings for downpayments; meet FHA’s underwriting requirements; and can easily afford monthly mortgage payments.”
