Word: hud
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Dates: during 2000-2009
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...Participants in the talks, including officials from the Treasury Department, the Federal Deposit Insurance Corp. (FDIC), the Department of Housing and Urban Development (HUD) and other agencies, are focusing on two possible plans, say sources familiar with the discussions...
...ranging from individuals who make $12,500 a year to families of eight who make $22,500 annually) pay only 30% of their monthly adjusted income toward rent. The government makes up the difference to the participating landlords. Many building owners, however, have been suffering from what critics call "HUD fatigue" - frustration with dealing with government bureaucracy when it comes to getting the government to fork over the subsidies. Dean Chaussee, who has owned and managed properties in suburban Seattle through his Westwood Management since 1975, is waiting to opt out of his Section 8 contract when it expires because...
Community activists say a mass opt-out by landlords would leave many poor people with only the alternative of receiving HUD vouchers to help pay their rents. While the voucher system has advantages, the current wait to qualify for it is already extremely long. And while renters can try to use the vouchers to pay for the housing they currently occupy, landlords are not required to accept them...
Cities like Los Angeles and New York face the biggest problems because they have more people living under subsidy of some type, including those provided by their states. According to HUD, New York City has 124,000 project-based units, the most in the nation - and the Section 8 deadlines are compounded by the fact that the New York State-sponsored Mitchell-Lama initiative is expiring as well. A total of 40,000 Mitchell-Lama units are vulnerable to buyout under the program, meaning owners can raise the cost of occupied housing to market rate...
...Chan, a low-income housing activist in New York, has been struggling to help residents of subsidized buildings in New York, but says it is an uphill battle in a city where market rates are far above what HUD would provide a landlord or property developer. "What happens is that some buildings go straight to market rate and tenants must negotiate some alternative to the increase," she says. "Sometimes there are vouchers that are issued to help, but that isn't true for all cases...