Housing Department , Increases Funding Amid , Rising Cost of Living.
NBC reports that the Department of Housing and Urban
Development (HUD) will increase the amount of aid provided
in 2024 to compensate for the increasing cost of rent.
The department's 2024 housing
voucher programs will have an average
increase of about 12% nationwide. .
The increase will reportedly
go into effect on October 1. .
NBC reports that HUD said it will set
a higher level for the maximum payments
available for beneficiaries of housing vouchers. .
The move is meant to allow beneficiaries
to keep up with skyrocketing rents amid
a competitive market. .
The department added that HUD
will release $113 million next week in
housing choice voucher funds for 36 states. .
The additional funding will reportedly
help an estimated 9,500 households. .
When rents go up, obviously, the money
that has been provided to [public housing
authorities] doesn’t go as far, so these
funds are going to augment that, Richard Monocchio, HUD's head of public and Indian housing, via NBC.
According to Richard Monocchio, HUD's head of public and Indian
housing, the increased funding will give tenants "more choice
of where they can live, the neighborhoods that they can live in.".
According to Richard Monocchio, HUD's head of public and Indian
housing, the increased funding will give tenants "more choice
of where they can live, the neighborhoods that they can live in.".
The latest HUD data shows that the number of
families dependent on housing vouchers increased
by over 40,000 from October through May.