NY $30 billion in funding for the Housing Choice Voucher Program (2024)

by: Gene Morse

Posted: May 20, 2024 / 08:58 AM EDT

Updated: May 20, 2024 / 08:58 AM EDT

NEW YORK (WWTI) – Today, the U.S. Department of Housing and Urban Development (HUD) announced a $30 billion renewal of funding for the Housing Choice Voucher Program (HCV). This funding will help the Public Housing Authority (PHA) continue to aid families and individuals in need of affordable housing. New York received $3,342,654,520.

“These housing choice vouchers will offer more families the necessary relief they need to have continued access to safe, affordable housing options and increase our nation’s housing supply,” said HUD Acting Secretary Adrianne Todman. “Currently, this country is in a housing deficit as we are 2 million homes short of the amount needed and as HUD’s single largest investment in affordable housing, public housing authorities will have the ability to provide more housing options to their constituents and continue to combat this nation’s housing affordability crisis.

Since last year, the HCV program saw an increased funding of $2 billion to help preserve housing vouchers for families across the country. Beginning in 2022, this budget allocation increases by nearly 20% –over $4 billion, allowing the value of Housing Choice Voucher to keep pace with rising rental costs and helping voucher holders can continue to access neighborhoods of opportunity. This announcement continues the Biden-Harris Administration’s efforts to increase the housing supply for those who need it most across the country.

Housing vouchers help over 2.3 million families in need of housing, including families with children, seniors, veterans and people with disabilities, making it the most effective intervention to reduce homelessness and housing instability. Housing vouchers give families flexibility and greater choice of affordable housing options in areas with better schools or access to jobs or other opportunities, but homeowners must be willing to accept the vouchers so they can work.

The list of communities that received funding:

HUD continues to work with communities to help them promote the housing choice voucher program by offering tools for landlord engagement and working with PHAs to meet their local housing needs with the HCV utilization resources.