DOM-47     SHIFT HOUSING ASSISTANCE FROM NEW CONSTRUCTION TO VOUCHERS

                                   Annual Savings                 Cumulative
                                (Millions of dollars)              Five-Year
Savings from         -----------------------------------------      Savings
CBO Baseline         1994     1995      1996     1997     1998
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                    Replace New Construction with Vouchers

Sections 202 and 811

  Budget authority    960      990      1,000    1,050    1,050      5,050

  Outlays               a      -30         -5       85      320        360

Public Housing b

  Budget authority    400      410       420      440       450      2,100

  Outlays               a       -5        95       200      320        610

               Partially Replace New Construction with Vouchers

Sections 202 and 811

  Budget authority    480      490        510      520      530      2,550

  Outlays               a      -15        -5        40      160        180

Public Housing b

  Budget authority    200      210        210      220      220      1,050

  Outlays               a        a         50      100      160        310
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 a. Increase in outlays of less than $2.5 million.

 b. The CBO baseline does not include budget authority to cover any
    increases in operating subsidies associated with public housing units to
    be constructed in the future.  Therefore, relative to the CBO baseline,
    this option does not generate savings in such subsidies.

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