March 2, 2017 Comments Off on Trump’s Budget Cuts vs. NYC Housing Views: 347 New York News, Top New York Stories

Trump’s Budget Cuts vs. NYC Housing

In his address to Congress on Tuesday, Feb. 28, 2017, President Donald Trump promised deep cuts to “most federal agencies” to pay for a $54 billion increase in military spending.

It’s far too soon to know what specific cuts the Administration might propose, but the policy analysts at the New York Housing Conference have gamed out the effects of one likely scenario, with a cut of 15% to federal housing programs in New York City.

Cuts to the Sec. 8 housing voucher program could leave 39,549 families unable to pay for their housing, potentially making thousands of families homeless.

Cuts could take $121.1 million from the New York City Housing Authority, which was on track for an operating surplus this year after adopting a 10-year strategic plan to improve management and raise revenue.

Cuts to federal housing programs like Community Development Block Grants and HOME funds would make it much more difficult to create new affordable housing.

Read More from the New York Housing Conference

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