Word: rent
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Dates: during 1960-1969
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Faced with the possibility of a $25 billion federal deficit for the current fiscal year, Congress is in a cutting mood. The House has already axed the rent subsidy and rat-control programs, and last week the Senate Foreign Relations Committee lopped a whopping $736 million off the Administration's $3.4 billion foreign-aid request. But Congress also knows where charity begins. When a $276 million congressional housekeeping bill came to a vote recently, members hooted down proposals for a 5% reduction. And in a deficit-be-damned mood last week, the House passed...
...Republican senators last week declared that Congress should "provide adequate funds for promising new urban programs," especially the model cities and rent-supplement ones. This joint statement is an encouraging sign because the Senate Appropriations Committee will act on these programs soon, and only a decisive Senate victory can offset the massive House cutbacks in the direly needed proposals. The Administration is sure to secure some model city appropriations, but its rent-supplement plan will be difficult to salvage. The House has voted against supplements by a decisive 62 votes, and it will require an impressive Senate reversal...
...rent supplements plan barely won its first authorization in 1966 after severe cutbacks. It authorizes the Government to contract non-profit and co-operative local housing sponsors to pay the difference between 25 per cent of a poor person's income and his rent in standard housing. The sponsors then reserve part of their housing space for the subsidized tenants, and the Government pays the necessary subsidies on that space for periods of up to 40 years...
Republican opponents have characterized the supplements as a "socialistic giveaway." They argue that it is wrong to tax one person to pay another's rent. Also the program will undoubtedly foster racial and economic integration and this implication has contributed greatly to the opposition; it is probably why the 1966 act included a rider granting local officials veto power over supplement projects...
...costly because of its 40-years contract authority. A $5 million contract authorization, for example, really amounts to $5 million for 40 years, or a total of $200 million. The actual Government expenditure, however, would be less because its payments cease when the tenant can pay the full rent with 25 per cnt of his income...