The recent Federal budget cuts triggered by the Budget Control Act of 2011, known as the “Sequester,” will not impact the energy investment tax credit, low-income housing tax credit or historic tax credit. However, the National Leased Housing Association has outlined the serious impact the Sequester will likely have on HUD funding in its recent Bulletin: “Nation’s Fiscal Concerns and the Likely Impact on Section 8.”

For fiscal year 2013 the HUD budget will be reduced by over $2.5 billion. To address the immediate shortfall in voucher funding, the NLHA believes HUD will short fund HAP renewals with the hope that Congress will act to restore these cuts in the short-term. According to the summary, if Congress does not restore these cuts, the Center on Budget and Policy Priorities estimates that over 300,000 families may lose voucher assistance or programs such as CDBG and HOME could be cut by over 50%.

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