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Congress Unveils FY 2017 Omnibus Spending Bill
Congressional leaders today unveiled a more than $1 trillion omnibus spending bill for the remainder of fiscal year (FY) 2017. The Department of Transportation, Housing and Urban Development (HUD) and Related Agencies funding proposal includes $10.8 billion for Section 8 project-based rental assistance, $20.3 billion for Section 8 tenant-based rental assistance, $4.4 billion for the public housing operating fund, $1.9 billion for the public housing capital fund, $950 million for the HOME Investment Partnership program and $137.5 million for the Choice Neighborhoods Initiative. The legislation includes a record $248 million for the Community Development Financial Institutions (CDFI) Fund, including $161.5 million for financial assistance and technical assistance awards, $500 million for the bond guarantee program and $26 million for administrative expenses. The deadline for Congress to pass the measure is Friday. A detailed analysis of the proposed FY 2017 omnibus spending bill will be posted on the Notes from Novogradac blog.