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Investments

PresidentÕ FY2016 HUD budget asks for $49.3B

That’s $4B more than FY15

The White House issued its proposed fiscal year 2016 budget, a wish list of the administration’s funding priorities sure to find little welcome in the new Republican-controlled Congress.

Within that massive budget is the funding it wants for the U.S. Department of Housing and Urban Development.

The budget provides $49.3 billion in gross discretionary funding for the U.S. Department of Housing and Urban Development to expand the number of rental assistance vouchers; increase homeless assistance for vulnerable families; and make targeted investments in communities to help revitalize high-poverty neighborhoods.

It’s heavy on housing assistance and affordable housing priorities.

Here are the highlights.

For the full HUD budget summary, click here.

  • Funding rental housing assistance to support 4.7 million low-income families, including the restoration of 67,000 Housing Choice Vouchers lost in 2013 due to sequestration; Investing $2.5 billion for Homeless Assistance Grants to continue progress toward the Administration’s goals of ending chronic homelessness and homelessness among veterans and families;
  • Providing Public Housing Authorities the support they need to effectively and efficiently deliver Tenant-Based Assistance Programs by funding the optimal level of administrative fees;
  • Demonstrating a new model of affordable housing integrated with supportive services for the elderly and assisting 700 new households for persons with disabilities by providing an additional $35 million;
  • Expanding access to credit with a responsible reduction to FHA mortgage insurance premiums that will enable 250,000 new homebuyers over three years while maintaining the solvency of the Mutual Mortgage Insurance Capital Reserve;
  • Investing $250 million to transform neighborhoods with distressed HUD-assisted housing and concentrated poverty into opportunity-rich, mixed-income neighborhoods through the Choice Neighborhoods program;
  • Providing $748 million to address the housing and community development needs of Native American tribes and $332 million for the Housing Opportunities for Persons with AIDS program;
  • Continuing progress in the Rental Assistance Demonstration by providing $50 million to convert approximately 25,000 public housing units to project-based rental assistance contracts that can leverage private funding to make much needed capital improvements;
  • Increasing job training and financial incentives for public housing and Native American households through Jobs-Plus, an evidence-based program funded at $100 million;
  • Providing communities with new flexibilities and tools to expand the supply and affordability of housing and promote economic opportunity.

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