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(HOUSTON) – The Houston Housing Authority’s credit rating is being downgraded a notch by Standard and Poor’s, and the credit rating company says the agency’s outlook is “negative.”

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A lower credit rating means it will cost the agency more to borrow money. The HHA provides free and low cost housing to low income Houstonians.

S&P says the agency has been dipping into savings to cover costs.

A former HHA manager tells News 92 FM the agency has been buying new properties while others are in need of repair, and that the agency has been systematically laying off its local mangers and replacing them with people from outside Texas who don’t understand how to get things done in Houston.

The source also says the agency has become much less transparent about it’s finances, noting that it no longer publishes an annual report which is standard practice among the nation’s largest federal housing authorities.

Houston Housing Authority Hit With Negative Credit Rating  was originally published on