REDLANDS, Calif., June 14, 2023 /PRNewswire/ — The U.S. Department of Housing and Urban Development (HUD) recently announced the allocation of $30.3 billion for the Housing Choice Voucher (HCV) Program for 2023. This represents an increase of 10.5 percent from the previous year, equating to an additional $2.9 billion. Smith Marion, a leading accounting firm, recognizes the profound potential of this funding for Housing Authorities across the nation.
The purpose of the increased funding, according to Hannah Baldwin, Firm Administrator with Smith Marion, is to “help Housing Authorities keep pace with the steadily increasing Housing Assistance Payments (HAPs).” Baldwin’s comments underscore the importance of this additional funding for families relying on such assistance.
The HUD funding will address the current rent inflation crisis, enabling more low-income families to afford safe and stable housing. The lion’s share of this budget, $27 billion, will renew assistance for approximately 2.3 million households currently in possession of housing vouchers. This includes seniors, people with disabilities, working families, and 79,000 formerly homeless veterans. Additional funding will support tenants impacted by housing demolitions and administrative expenses.
Secretary Fudge succinctly summarizes the grant’s objectives: “This funding tackles the housing affordability crisis, providing flexible resources to offer more housing options and prevent homelessness.”
The funding will result in a multiplicity of positive outcomes. It’s expected to reduce homelessness by providing more families with access to affordable housing. The grant will also promote housing stability, enabling families to secure safe, affordable homes and helping them in reaching their long-term goals. Furthermore, it is predicted to spur economic opportunity as stable housing allows individuals to focus on job searching and retention, thus promoting financial security.
Looking ahead, the President’s 2024 Budget proposes further increases for the HCV Program, which continues to support vulnerable communities and catalyze economic growth.
Smith Marion, deeply involved in auditing and financial consulting for Housing Authorities, sees this new funding as a significant step forward in meeting housing needs nationwide. To learn more about Smith Marion and the potential impacts of the HUD funding, visit https://smcocpa.com/ today.
About Smith Marion: Smith Marion is a leading accounting firm specializing in providing auditing and financial services to Housing Authorities and Non-Profits. Their expert guidance and strategic insights support organizations in navigating complex financial landscapes. Visit https://smcocpa.com/ for more information.
Primary Contact
Hannah Baldwin
hbaldwin@smco.cpa
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SOURCE Smith Marion
