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Federal Housing Assistance for Low-Income Households 1 (September 2015)

handle is hein.congrec/cbo2477 and id is 1 raw text is: Federal Housing Assistance for Low-Income Households Provided as a convenience, this screen-friendly version is identical in content to the principal (printer-friendly) version of the report. Any tables, figures, and boxes appear at the end of this document; click the hyperlinked references in the text to view them. Summary In 2014, the federal government provided about $50 billion in housing assistance specifically designated for low-income households. That assistance-which is made available both through spending programs and preferential tax treatment-increased by about 15 percent in real (inflation-adjusted) terms between 2000 and 2003. Since that time, such assistance has remained relatively stable at about $50 billion annually (measured in 2014 dollars), with the exception of a temporary boost, mostly in 2010 and 201 1, associated with the American Recovery and Reinvestment Act of 2009 (ARRA). Unlike some means-tested programs (such as the Supplemental Nutrition Assistance Program, or SNAP) that are intended to assist all eligible people who apply, means- tested housing assistance has not been made available to all applicants who are eligible. Currently, only about one-quarter of the eligible low-income population receives housing assistance through federal spending programs. Households that receive assistance are generally required to pay 30 percent of their income toward their housing expenses, a threshold widely described as affordable. This Congressional Budget Office report discusses the ways in which the federal government provides housing assistance to low-income households, examines how that assistance has changed since 2000, and provides information about the households that receive assistance. In addition, the report assesses policy options for Note: Numbers in the text and tables may not add up to totals because of rounding. Unless otherwise indicated, all years referred to in the text, tables, and figures are federal fiscal years (which run from October 1 to September 30). Dollar values, with the exception of those describing 1 0-year budgetary effects, are expressed in 2014 dollars-unless otherwise specified-and have been adjusted to remove the effects of inflation using the gross domestic product price index. Ten-year budgetary effects are expressed in nominal dollars. Unless otherwise noted, a low-income household is one with income that is no greater than 80 percent of the median income in a given area.

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