Biden’s FY 2022 Budget Request Includes Increase to HUD Funding
The White House today released a summary, fact sheet and Greenbook on President Joe Biden’s proposed $6 trillion budget for fiscal year 2022. Of this amount, the Biden administration requests $1.67 trillion in discretionary spending, $754 billion for defense and $913 billion for nondefense, the first such request where nondefense exceeded defense in recent history. Nondefense spending includes a request for $68.7 billion for the U.S. Department of Housing and Urban Development (HUD), an increase over the 2021 budget of $59.6 billion, and $330 million for the U.S. Treasury’s Community Development Financial Institutions (CDFI) Fund, a $60 million increase from 2021.
The Greenbook includes revenue measures previously announced by Biden, including an expansion of the low-income housing tax credit (LIHTC), creation of a neighborhood homes investment tax credit and permanency for the new markets tax credit (NMTC), as well as an increase in the corporate tax rate to 28%.
The budget proposal and Biden’s economic plan will be among the topics at the Novogradac 2021 Spring New Markets Tax Credit Virtual Conference, June 10-11.
Upcoming Notes from Novogradac blog posts will focus on the Greenbook information and on funding for HUD and the CDFI Fund.