White House Budget Proposal Would Slash HUD Spending, Eliminate CDFI Grant Funding
The White House today released its proposed $4.8 trillion budget for fiscal year (FY) 2021 that includes an $8.6 billion (15 percent) decrease in funding for the U.S. Department of Housing and Urban Development (HUD), with the elimination of the Community Development Block Grant and HOME Investments Partnership programs. The budget request includes $100 million for HUD’s Rental Assistance Demonstration program, while eliminating the public housing capital fund and the Choice Neighborhoods Grant program. The Trump administration budget proposal also would eliminate all of the Community Development Financial Institutions (CDFI) Fund’s grant funding, leaving only an administrative budget of $14 million. Congress is expected to draft its own 2021 budget proposal based on the defense and nondefense spending caps established by the Bipartisan Budget Act of 2019 in the coming months.
Please stay tuned for analysis of the FY 2021 budget request on the Notes from Novogradac blog.