Trump FY 2019 Budget Proposal Would Eliminate CDBG, HOME Programs
President Donald Trump’s proposed $4.4 trillion fiscal year 2019 (FY 2019) budget would cut by 18 percent U.S. Department of Housing and Urban Development (HUD) programs and would eliminate the HOME Investment Partnerships program, Community Development Block Grant program and Public Housing Capital Fund. Funding for HUD would be $6.8 billion less than annualized funding levels as per the continuing resolution for FY 2018 under the proposed FY 2019 budget. The administration called for the same cuts last year, but Congress continued to fund the programs. The request would also eliminate the cap on Rental Assistance Demonstration (RAD) conversions and provide $100 million to facilitate such conversions. The administration’s proposed FY 2019 budget would also reduce the Community Development Financial Institutions (CDFI) Fund’s budget by $234 million and eliminate all programs except the New Markets Tax Credit (NMTC) program and the CDFI Bond Guarantee program. The budget proposal reflects the administration’s priorities; Congress–which last week increased 2018 and 2019 spending caps by $300 billion–will draft its own spending proposals in the coming months, taking the administration’s priorities into consideration at its discretion.
Novogradac & Company will have more analysis on the budget today at the Notes from Novogradac blog.