What is the estimated cost to convert public housing to assistance under PETRA?
The estimated cost to convert all public housing to assistance under PETRA is approximately $1.26 billion annually above the 2011 requested funding levels for the public housing program, taking into account both the operating and capital fund programs. For the first phase of conversions, the 2011 Budget request is $290 million out of the total of $350M requested for TRA. This amount represents the difference between subsidy provided under the legacy programs and the amount of subsidy that will be needed to fund property-based contracts in the market-based rent-setting framework proposed in PETRA.
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