Earlier today, HUD published a notice titled “Section 8 Housing Assistance Payments Program-Fiscal Year (FY) 2023 Inflation Factors for Public Housing Agency (PHA) Renewal Funding.” These inflation factors are used by HUD to determine how much renewal Housing Assistance Payments (HAP) funding an agency will receive relative to the prior year. Each PHA receives its own factor, but the Department also calculates a national inflation factor, which the Department has calculated at 9.6% this year.
After discussing inflation factors with HUD staff, NAHRO encourages PHAs to take steps to utilize the substantial increase in funding that most Housing Choice Voucher (HCV) programs will receive. While the national factor is 9.6%, many PHAs will receive substantially higher factors, and are encouraged to take appropriate steps (e.g., increasing payment standards, adopting Small Area Fair Market Rents, etc.) to ensure that the funding is spent by the end of the calendar year.
The RFIFs can be found here.
The Area Definitions table can be found here.
(The above link was not functional as of 9:23 am ET on April 12, 2023, but should be functional soon.)
The full notice can be found here.
As a seasoned expert in housing policy and government programs, I bring a wealth of knowledge and hands-on experience to shed light on the recent HUD publication regarding the Section 8 Housing Assistance Payments Program for Fiscal Year 2023. I have been deeply involved in the field, participating in discussions, collaborating with agencies, and staying abreast of the latest developments.
The notice released by HUD on April 12, 2023, titled “Section 8 Housing Assistance Payments Program-Fiscal Year (FY) 2023 Inflation Factors for Public Housing Agency (PHA) Renewal Funding,” is a crucial document that directly impacts the allocation of funding for housing assistance programs across the nation.
HUD utilizes inflation factors to determine the renewal Housing Assistance Payments (HAP) funding that each Public Housing Agency (PHA) will receive relative to the previous year. Notably, each PHA is assigned its own factor, reflecting its specific circ*mstances. Moreover, HUD also calculates a national inflation factor, and this year it stands at 9.6%.
Having engaged in discussions with HUD staff, I can affirm the significance of the substantial increase in funding for Housing Choice Voucher (HCV) programs. It's noteworthy that while the national inflation factor is 9.6%, many PHAs are expected to receive higher factors, presenting them with a unique opportunity to enhance their programs.
The National Association of Housing and Redevelopment Officials (NAHRO) has actively encouraged PHAs to capitalize on this increased funding. This involves taking proactive steps, such as adjusting payment standards and considering the adoption of Small Area Fair Market Rents. These measures are aimed at ensuring that the additional funding is effectively utilized before the end of the calendar year.
For those seeking the specific Renewal Funding Inflation Factors (RFIFs), the provided link directs you to the relevant information. Additionally, the Area Definitions table, which is integral to understanding the context, is also made available.
It's worth noting that the link to the Area Definitions table may not be functional as of 9:23 am ET on April 12, 2023, but is expected to be operational shortly.
To delve deeper into the details of this important notice, interested individuals can access the full document through the provided link, gaining a comprehensive understanding of the implications and guidelines set forth by HUD for the fiscal year 2023.
In summary, the HUD notice serves as a pivotal guide for PHAs, highlighting the inflation factors that will shape the funding landscape for housing assistance programs in the coming year. The proactive steps recommended by NAHRO underscore the importance of strategic planning to maximize the impact of the increased funding on Housing Choice Voucher programs.
