Key Points:
The U.S. faces a rental affordability crisis, and only one in four eligible families are currently able to access vouchers that provide stable, affordable housing.
Funding the voucher program to cover the lowest-income and most cost-burdened renters would help house 7.6 million families, cut poverty and provide long-term benefits for children.
Expanding the voucher program to cover the most in-need families would increase their disposable income by an estimated $33.3 billion, which could cover the costs of household necessities, investments in their children, financial emergencies or other important purchases.
Policymakers must improve the HCV program to fully realize these economy-wide benefits and ensure that families can successfully use their vouchers to access stable housing.
The economic impact of the coronavirus pandemic has shone additional light on the ongoing housing affordability crisis that affects millions of low-income renters each year, along with the associated risks of eviction, homelessness and financial insecurity. A significant expansion of the Housing Choice Voucher (HCV) program, which provides rental support to the most disadvantaged families, would help address this crisis. Doing so will reduce poverty, increase housing stability and support the broader economy. Though significant investments in housing supply are needed to fully address the housing crisis, vouchers are the best policy option to ensure the lowest-income Americans can quickly access stable housing.
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