HousingWire tells MHProNews the $85 billion sequestration cuts may affect several housing initiatives, including ones aimed at low-income households and individuals. The National Association of Realtors (NAR) says the Federal Housing Administration (FHA) admitted the time frames for FHA loans may be impacted; furloughs at the Dept. of Agriculture may delay rural housing service loans. In addition, the cuts may result in 75,000 fewer households receiving foreclosure counseling. Another 125,000 may lose Housing Choice Voucher (HCV) assistance which pays for their apartment, potentially making them homeless. Further, 100,000 others residing in emergency housing programs, formerly homeless people, including veterans, could be returned to the street. The Veteran’s Administration (VA) will not be affected.
