Proposed budget would significantly invest in building affordable housing, expanding access to homeownership, redressing housing discrimination, enhancing household mobility, and ending homelessness
Today, the U.S. Department of Housing and Urban Development (HUD) released details about its fiscal year 2024 budget request. Find the HUD FY24 budget at hud.gov/budget.
On Thursday, March 9, the Biden-Harris Administration released the President’s Budget for Fiscal Year 2024. The Budget details a blueprint to grow the economy from the bottom up and middle out, lower costs for families, protect and strengthen Medicare and Social Security, and reduce the deficit by ensuring the wealthy and big corporations pay their fair share—all while ensuring no one making less than $400,000 per year pays more in taxes.
View HUD’s Budget Press Conference at: https://youtu.be/URh88fG7Hvw
Additional resources:
- Statement by Secretary Marcia Fudge on the President’s Fiscal Year 2024 Budget
- HUD’s Fiscal Year 2024 Budget in Brief
- FY 2024 Congressional Justifications
Expand the Housing Choice Voucher (HCV) Program and Enhance Household Mobility. The Budget provides $32.7 billion, an increase of $2.4 billion over the 2023 enacted level, to maintain services for all currently assisted families and to expand assistance to an additional 50,000 households, particularly those who are experiencing homelessness or fleeing, or attempting to flee, domestic violence or other forms of gender-based violence. It provides further expands assistance to another 130,000 households with funding from HCV program reserves and $25 million for mobility-related supportive services to provide low-income families with greater options to move to higher-opportunity neighborhoods.
Increase Affordable Housing Supply to Reduce Costs. To address the critical shortage of affordable housing in communities throughout the Nation, the Budget provides $1.8 billion for the HOME Investment Partnerships Program (HOME), an increase of $300 million over the 2023 enacted level, to construct and rehabilitate affordable rental housing and provide homeownership opportunities. In addition, the Budget provides $258 million to support 2,200 units of new permanently affordable housing specifically for the elderly and persons with disabilities, supporting the Administration’s priority to maximize independent living for people with disabilities.
Advance Efforts to End Homelessness. To prevent and reduce homelessness, the Budget provides $3.7 billion, an increase of $116 million over the 2023 enacted level, for Homeless Assistance Grants to meet renewal needs and expand assistance to approximately 25,000 additional households, including survivors of domestic violence and homeless youth. These targeted resources would support the Administration’s recently released Federal Strategic Plan to End Homelessness. The Budget also provides $505 million for Housing Opportunities for Persons with AIDS, serving a population with a disproportionately high rate of homelessness and providing a critical link to services.
Advance Equity by Preventing and Redressing Housing Discrimination. The Budget provides $90 million to support State and local fair housing enforcement organizations and to further education, outreach, and training on rights and responsibilities under Federal fair housing laws.
Reduce Costs for New Homeowners and Expand Access to Homeownership. To make homeownership more affordable for underserved borrowers, including first-time, low- to moderate-income and minority homebuyers, the Federal Housing Administration (FHA) is reducing the annual mortgage insurance premiums new borrowers will pay by about one-third. This action, effective in 2023, will save the average FHA borrower approximately $800 in the first year of their mortgage loan. The Budget also includes $100 million for a HOME down payment assistance pilot to expand homeownership opportunities for first-generation and/or low wealth first-time homebuyers and $15 million to increase the availability of FHA small balance mortgages.
Building on the President’s strong record of fiscal responsibility, the Budget more than fully pays for all of its investments—reducing deficits by $3 trillion over the next decade by asking the wealthy and big corporations to pay their fair share.
For more information on the President’s FY 2024 Budget, please visit: https://www.whitehouse.gov/omb/budget/.