Trump Releases FY 2018 Budget Request

Tuesday, May 23, 2017 - 10:00am

President Donald Trump today released his $4.1 trillion fiscal year 2018 (FY 2018) budget request, which includes a $7.4 billion cut to $40.7 billion for U.S. Department of Housing and Urban Development (HUD) gross discretionary funding–a 15 percent reduction that includes the elimination of Community Development Block Grant (CDBG) formula grants, the HOME Investment Partnerships program and the Choice Neighborhoods Initiative. The budget also includes a reduction from $248 million in FY 2017 to $14 million for the Community Development Financial Institutions Fund (CDFI Fund) administrative budget, eliminating all discretionary grant programs and the Capital Magnet Fund. The CDFI Fund administers the New Markets Tax Credit (NMTC) program, which remains on track to administer $3.5 billion in allocations each of the next three years. The budget calls for a $22 billion increase in military spending and a $57 billion cut to non-defense programs, but must be approved by Congress.