The U.S. Department of Housing and Urban Development (HUD) has announced a $30 billion renewal funding for the Housing Choice Voucher Program (HCV). This significant investment aims to aid Public Housing Authorities (PHAs) in their ongoing efforts to provide affordable housing options to families and individuals in need.
"These housing choice vouchers will create stability and certainty for individuals and families throughout the country," stated HUD Acting Secretary Adrianne Todman. "As HUD’s single largest investment in affordable housing, these funds make accessing affordable housing less burdensome for renters, public housing authorities, and landlords."
Over the past year, the HCV program has seen a $2 billion increase in funding. Since 2022, this budget allocation has grown by nearly 20% (over $4 billion), enabling the value of a Housing Choice Voucher to keep pace with rising rental costs. This growth ensures that voucher holders can continue to access neighborhoods of opportunity. The announcement marks a continuation of the Biden-Harris Administration's efforts to increase the national housing supply for those most in need.
"The HCV program is the most successful rental program ever conceived," remarked Principal Deputy Assistant Secretary for Public and Indian Housing, Richard J. Monocchio. "Not only do housing vouchers free up income for basic needs, but when families are able to live in stable, affordable housing in low-poverty communities, we see higher cognitive test scores and educational outcomes for children and increased chances of attending college and earning more as adults."
Housing Vouchers currently assist over 2.3 million families in need of housing. These include families with children, older adults, veterans, and people with disabilities. The initiative is recognized as the most effective intervention to reduce homelessness and housing instability. However, its success relies on landlords' willingness to accept vouchers.
HUD continues its collaboration with communities nationwide by promoting the housing choice voucher program through landlord engagement tools and working alongside PHAs to meet local housing needs with HCV utilization resources.