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In line with New York City Mayor Michael C. Bloomberg's stated goal of locating and using public land to increase the supply of affordable housing, a new housing project is scheduled for construction on Manhattan's Lower East Side.
As of Dec. 18, 2007, HUD ceased prohibiting project-based voucher rents from exceeding tax credit rents. According to housing groups such as the National Leased Housing Association (NLHA), the old voucher rule, which went into effect in October 2005, was flawed; it required a change in the project-based voucher program that was inconsistent with guidance previously provided by HUD.
The national trust fund bill (H.R. 2895) passed by the House of Representatives sets a goal to create 1.5 million affordable housing units over the next 10 years.
“The growing shortage of affordable housing is one of the most serious social and economic problems facing our country,” says Rep. Barney Frank (D-Mass.). According to him, the trust fund's main purpose is to build, rehabilitate, and preserve affordable rental housing nationwide. But funds will also be available to promote homeownership.
HOPE VI, a federal program that converts distressed public housing into mixed-income sites, has strong, bipartisan support in both Houses of Congress, although the current administration claims that HOPE VI has outlived its usefulness.
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