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Bush Budget Proposal Includes $31.3B for HUD

Monday, February 2, 2004 - 1:45AM

President George W. Bush’s proposed fiscal year 2005 budget, released today, includes $31.3 billion for the U.S. Department of Housing and Urban Development (HUD) - $846 million more than FY 2004. The proposal includes $2 billion in the budget for the HOME Investment Partnerships Program and $200 million for the American Dream Downpayment Initiative. The administration again recommended the termination of the HOPE VI, brownfields, EZ/ECs and Rural Housing and Economic Development programs; Congress restored funds for all these programs in the FY 2004 budget despite a similar proposal last year. The budget also proposes a tax credit for developers of up to 50 percent of the cost of new construction or rehabilitation of affordable single-family housing targeted to families with incomes equal to 80 percent or less of area median income.

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