PROPOSED BUDGET REDUCES HUD FUNDING BY 5 PERCENT
Today President Barack Obama transmitted to Congress his fiscal year (FY) 2011 proposed budget, which includes a request for $41.6 billion for the Department of Housing and Urban Development (HUD). This amount is 5 percent below HUD’s enacted fiscal year 2010 budget, which was $43.6 billion. The proposed budget provides $48.5 billion in program funding to support HUD’s core programs and new initiatives; the proposal says this funding will be offset by estimated collections of $6.9 billion from credit premiums charged for HUD mortgage insurance and other credit enhancements.
Tune in to the February 9 Tax Credit Tuesday podcast to hear more about this proposal and the next steps in the federal budget process.