Biden Discretionary Funding Request Includes 15% Boost for HUD Spending

Friday, April 9, 2021 - 11:15AM

President Joe Biden released a $1.5 trillion federal spending outline for fiscal year 2022 today, a discretionary funding request that includes $68.7 billion for the U.S. Department of Housing and Urban Development (HUD), an increase of 15% over 2021 levels. The outline also requests $330 million for the U.S. Treasury’s Community Development Financial Institutions (CDFI) Fund, a 21% increase from 2021 levels.

Biden will release his formal budget request with full program-by-program funding details later this spring. Treasury’s “Greenbook” outlining tax proposals is expected to be included with the formal budget request. The “Greenbook” is also expected to include more details on the tax components of Biden’s American Jobs Plan, which was released last week, and the forthcoming American Families Plan, the administration’s economic recovery plan focusing on health care, education and similar priorities.

Included in today’s outline (which includes an overall increase of 8% in federal discretionary spending) are requests for $30.4 billion for Housing Choice Vouchers, $3.5 billion for Homeless Assistance Grants, $800 million in new investments for modernization and rehabilitation of HUD-assisted housing, $3.2 billion for public housing modernization grants, $1.9 billion for the HOME Investment Partnerships program; $900 million to fund tribal efforts to expand and improve affordable housing; $3.8 billion for Community Development Block Grant program and more. The budget outline also highlights a number of new spending initiatives focused on climate change/green energy and racial equity investments. This budget request is the first in a decade without federal sequestration limits, adopted in 2011.

How President Biden and a new Congress will address affordable housing will be discussed at the Novogradac 2021 Affordable Housing Virtual Conference, April 29-30.

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