...absent a major shift in how expansions play out, it is reasonable to expect that vouchers could continue to assist many additional families, as they have during periods of relatively rapid growth in the past. Congress sets appropriations for vouchers each year, and the state and local public housing agencies (PHAs) that administer vouchers receive fixed funding allocations based on their subsidy costs in the previous year, adjusted for inflation.3 PHAs use somewhat less than all their funding in some years and somewhat more in others (by drawing down reserves), but on average from 2013-22, they spent 99.5 percent of the voucher subsidy funding they received.4 In markets with low vacancy rates, voucher holders and other households have more difficulty renting units, but well-run agencies in tight markets still use virtually all their voucher funds. ...more than one-third of families issued vouchers are not able to use them before the voucher expires.5 Black and Hispanic families, who often are discriminated against by landlords, have even lower success rates (Ellen, O'Regan, and Strochak, 2024). ...the use of EHVs grew slowly after they were first allocated to PHAs in July 2021.