Since 2002, Congress and HUD have implemented a series of substantial changes in funding policy for the "Section 8" Housing Choice Voucher Program. These changes have been driven in part by concerns over the rising costs of the program. Those concerns have been overblown, according to an analysis of HUD's recent voucher cost data. Moreover, the year-to-year changes in funding policy, along with a funding shortfall in 2005 and, at times, poor implementation by HUD, have produced a series of troublesome effects: funding instability and shortages among state and local housing agencies, a decline in the number of vouchers leased, and growing fears among landlords that the program is unreliable. The results have been damaging to the voucher program, as well as to the two million low-income families that rely on voucher assistance.