Joseph Knollenberg: “the bill before us fully funds the renewal of Section 8 vouchers. Additional funds, especially ones at the expense of…”

“the bill before us fully funds the renewal of Section 8 vouchers. Additional funds, especially ones at the expense of critical programs, are simply not necessary. The cost of Section 8 vouchers are remaining constant and in some markets are actually decreasing. As such, this funding level will not only maintain the current level of vouchers, but also provide funds to restore vouchers that may have been lost in recent years. The proposed reduction to the Working Capital Fund leaves a funding level that is not sufficient to support HUD's existing needs and will cause delays in critically needed efforts to modernize antiquated legacy systems in such areas as HUD's core financial systems and FHA mortgage program systems. More importantly, the funds of the Working Capital Fund are the funds that ensure that HUD is able to make Section 8 payments on time. Ironically, cutting this program to boost Section 8 will have a very real and negative impact on the Section 8 program. So therefore, I must urge a no vote on this amendment. Mr. Chairman, I yield back the balance of my time.”