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HUD Archives: News Releases
CUOMO ANNOUNCES PUBLIC FORUMS IN SAN FRANCISCO, CHICAGO AND NEW YORK CITY ON RESTRUCTURING OF MULTIFAMILY MORTGAGES
WASHINGTON - Housing and Urban Development Secretary Andrew Cuomo today announced that HUD will hold public forums Thursday (Oct. 1) in San Francisco, Chicago, and New York City on plans to implement a law that will end excessive rental subsidies to private landlords and save taxpayers nearly $1.6 billion over five years.
The law, which was proposed by HUD and approved by Congress last year, cuts subsidies to private landlords who provide low-income rental housing to families through HUD's project-based Section 8 program. Under the law, landlords will receive subsidies from HUD based on prevailing market rents - rather than for higher rents, as is now often the case.
HUD published an interim rule implementing the changes, which are known as the Mark-to-Market Program, on Sept. 11. Before HUD can publish the final rule, which describes how the program will be implemented, the law mandates that HUD hold three public forums.
All three forums will take place from 1 - 7:30 p.m., local time, in the following locations:
For additional information on the forums, including registration information, call HUD's Multifamily Housing Clearinghouse toll free at 1-800-686-8470. Additional information is also available on HUD's web site.
Content Archived: January 20, 2009