The current short-term continuing resolution (CR) funds the federal government at current, fiscal year 2013 post-sequestration levels until January 15, 2014. An appointed conference committee will work on a fiscal year 2014 budget agreement by December 13 that could lead to the passing of spending bills for the remainder of the fiscal year and the replacement of sequestration.
For Example:
Cited on the Council of Large Public Housing Authorities (CLPHA) website, the state of funding for federal housing programs is unsustainable: “By the end of 2013, the Boston Housing Authority will have drained its reserve account completely, spending $14 million from reserves to make up for the 5 percent federal sequester cut. This will leave BHA “unable to absorb any more federal cuts without putting people on the streets. ‘Unless there is some relief on the federal level, this housing authority and housing authorities throughout the country could be faced with a very significant crisis,’ BHA administrator Bill McGonagle said. ‘I am not at all optimistic about our ability to replenish that reserve.’” (October 14)” (Source: http://www.clpha.org/)
TCAM continues to monitor ongoing events such as how subsidies are handled by housing authorities and other administrators and the potential impact on available funds in the event of prolonged sequestration-level funding. For the latest updates on the federal budget and its impact on housing programs, contact Steve Spall (sspall@tcamre.com) or Allen Feliz (afeliz@tcamre.com) or (617) 542-1200.
