Source: CBPP analysis of HUD Housing Choice Voucher two-year forecasting tool data.

Notes: Spending and reserve amounts are CBPP estimates based on data reported to HUD through September 2018. Spending figures for Moving to Work (MTW) agencies (marked by *) include expenditures for purposes other than providing voucher assistance, such as program administration and housing development. For the purpose of estimating funding reserves, funding awards for new vouchers in 2018 were excluded. Recent HUD policy defines "excess" funding reserves as amounts that exceed 4 percent (where agencies administer 500 or more vouchers), 6 percent (250 to 499 vouchers), or 12 percent (less than 250 vouchers) of an agency's annual funding.