Affordable Housing poised to take a hit just when the US needs housing more than ever!

On February 10, 2020, the White House released a $4.8 trillion budget request that outlines spending priorities for Fiscal Year (FY) 2021. Similar to this Administration's past proposals, this budget seeks to cut many critical housing and community development programs across agencies.

Overall, the request calls for HUD to be funded at $47.9 billion, a 15 percent decrease in funding from the FY20 enacted level. The budget request proposes eliminating the Community Development Block Grant Program, the HOME Investment Partnership Program, the Self-Help and Assisted Homeownership Opportunity Program , the Public Housing Capital Fund, and the Choice Neighborhoods initiative.

The Administration also proposes eliminating allocations to the National Housing Trust Fund and the Capital Magnet Fund. Although the budget does not propose eliminating the Tenant Based Rental Assistance (TBRA) program, it calls for a more than $5 billion cut to the program from the amount provided in FY20. Affordable housing and community development programs outside of HUD are targeted as well. Despite a slight overall increase in funding for the Treasury Department, the budget calls for the elimination of the Community Development Financial Institutions (CDFI) Fund. Within the Department of Agriculture’s Rural Housing Services, the budget provides no funding for Section 515 Multi-family Housing Direct Loans.

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