Housing Department Increases Funding Amid Rising Cost of Living

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.

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The increase will reportedly go into effect on October 1.

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NBC reports that HUD said it will set a higher level for the maximum payments available for beneficiaries of housing vouchers.

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The move is meant to allow beneficiaries to keep up with skyrocketing rents amid a competitive market.

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The department added that HUD will release $113 million next week in housing choice voucher funds for 36 states.

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The additional funding will reportedly help an estimated 9,500 households.

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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.