Congressman Jerrold Nadler (D-NY) today introduced legislation to protect Section 8 housing from conversion to private-market rentals.  The Housing Preservation Matching Grant Act would provide two federal dollars for every dollar a state invests in affordable housing, including preservation, operating costs, capital expenditure, and acquisition.

There are over half a million Section 8 apartments nationwide that are below fair market rent, and are therefore in danger of being lost to the private market.  Almost 5 million families already live with worst-case housing needs, and the waiting list for housing vouchers is more than a decade long in some states.  In fact, in some areas the waiting list for Section 8 vouchers has been closed for years.

“Affordable housing has reached a crisis point,” Congressman Nadler said.  “This bill will encourage states to invest in their affordable housing stocks, so that the already-dwindling pool of low-cost units can be saved from extinction.  We can’t stop the market, but we can and must make maintaining affordable housing a worthwhile option for owners.”