Ongoing Federal Budget Deficits Could Pose Risks To Public Housing Authority Capital Financing Programs May 11

  • ID: 1802216
  • May 2011
  • Standard & Poors
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Standard & Poor's Ratings Services believes that ongoing federal budget deficits may significantly increase the appropriations risk to the Capital Fund Financing Program (CFFP) in future years. We have assessed the long-term credit implications of public housing authorities' CFFP's appropriations risk following the 2011 federal budget that was passed on April 15, 2011. The federal fiscal year 2011 appropriation provides funding through Sept. 30, 2011, for government projects and activities, including the Department of Housing and Urban Development's (HUD) public housing capital fund modernization program. The 2011 appropriation is $2.044 billion, an 18% decrease from the $2.5 billion appropriated for 2010. This marks the first time in the last five years that public housing modernization funding has been cut; it...

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