Neighborhood Transformation
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Neighborhood Transformation
2008 Housing and Economic Recovery Act passes Congress
Its Effect on Affordable Rental Units

The Housing and Economic Recovery Act of 2008 was adopted by Congress on July 24, 2008. It includes a number of provisions concerning rental housing.

Changes to Tenant Based Vouchers

There are changes concerning both tenant-based vouchers used in units that receive Low Income Housing Tax Credits

Changes to Project-based Vouchers

Public housing agencies currently are allowed to "project-base" -- or attach to particular structures -- up to 20 percent of their vouchers.  Families have the right to move with the next available tenant-based voucher after a year.  The changes make it easier for local government and owners to use the project-base vouchers (PBV) option to provide affordable rental opportunities in mixed income settings. 
There are additional PBV changes included in the House or Senate SEVRA bills that would further improve the PBV option.  For more information on the SEVRA provisions, see http://www.cbpp.org/3-10-08hous-tables.pdf starting at page 16.