The public housing program was established in 1937 to provide decent and safe rental housing for low-income families. Today, there are
approximately 1.2 million public housing units administered by over 3,000 public housing authorities. In 1998, Congress established a new
Operating Fund program and requested that HUD develop a formula for determining a subsidy for the cost of public housing operations.
As a result of this change in the subsidy allocation, HUD also required housing authorities to adopt a new business model similar to multifamily
housing, with project-based budgeting, accounting, and management. This business model became known as Asset Management. Click on the Timeline
in your Section Resources to learn more.