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Friday, November 18, 2011 - 8:00AM

President Barack Obama today signed H.R. 2112, which provides fiscal year (FY) 2012 funding for the U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of Agriculture’s housing programs. The bill provides $37.4 billion for HUD, representing a 9 percent reduction from last year’s funding level. The bill includes a 38 percent cut to the HOME Investment Partnerships program, a 12 percent cut to the Community Development Block Grant (CDBG) program and a 7 percent administrative fees reduction for the Housing Choice Voucher program. The bill also includes cuts to USDA’s Section 502, Section 542 and Section 521 programs. Another provision increases the Federal Housing Administration (FHA) loan limit to the lesser of $729,750 or 125 percent of the highest median home price in each metropolitan statistical area.

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