President Proposes $31.3B Budget for HUD

Monday, February 3, 2003 - 1:45AM

While Congress has yet to approve fiscal year 2003 appropriations for the U.S. Department of Housing and Urban Development (HUD), President Bush has proposed a $31.3 billion budget for HUD in fiscal year 2004. The budget includes a single-family affordable housing tax credit of up to 50 percent of the cost of new construction or rehabilitation of single family homes targeted to low-income households earning less than 80 percent of an area’s median income. The proposal also provides for a new state block grant for Section 8 vouchers and the end of HUD’s HOPE VI program for severely distressed public housing.

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