Anonymous user
US Federal housing expenditures: Difference between revisions
no edit summary
imported>Tmccormick No edit summary |
imported>Tmccormick No edit summary |
||
Line 44:
• Budget authority. Authorized amount of obligations each year regardless of when the spending occurs.<br/> • Outlays. Actual spending each year
from [NLIHC 2002] report:
''"The much lower level of HUD budget authority that has persisted since 1985 reflects cuts to programs and changes in the way subsidized housing has been financed. In the 1960s and 70s, subsidy contracts ran for 30 years (or 40 for public housing), so a high level of budget authority was required to finance the developments. The calculation of budget authority was the maximum subsidy commitment multiplied by the length of the commitment. This had the effect of making low income housing appear to be outrageously expensive. So contract lengths were shortened, to 15 years, then 10, then 5, then 1, bringing budget authority and outlays more closely into line.<br/> <br/> "In the early 1990s, these subsidy contracts of varying lengths started expiring. Again to cope with the amount of budget authority generated, the renewal terms were shortened."''
| |||