Obama Administration Issues FY2014 Budget Proposal
Recently, the Obama administration sent Congress its proposed budget for the 2014 fiscal year. It encompasses proposed funding for all federal programs, including HUD and the Department of Agriculture’s (USDA) rural housing programs. With regard to HUD and USDA, the administration proposes $33.1 billion in HUD budget authority, a $288 million, or 1 percent, decrease from the $33.4 billion HUD appropriation provided under the FY 2013 spending bill the President signed March 26, 2013. And after accounting for offsetting receipts, mostly from the FHA mortgage insurance program, the budget proposes to spend $47.6 billion on HUD programs, a $3 billion or 6.7 percent, increase over its FY 2013 funding level.
The budget also proposes to increase funding for Housing Choice Vouchers by 6 percent, project-based rental assistance by 10 percent, and homeless assistance by 17 percent. It would cut funding for the HOME Investment Partnerships (HOME) program by 5 percent and the Community Development Block Grant (CDBG) program by 14 percent.
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