House Panel Seeks Additional $9 Billion for HUD
The House Appropriations Subcommittee approved an additional $9 billion in spending for the U.S. Department of Housing and Urban Development as part of its fiscal 2023 spending bill that covers Transportation, Housing and Urban Development and Related Agencies.
For 2023, the bill provides a total of $62.7 billion for HUD, an increase of $9 billion above fiscal year 2022 and $1.1 billion above President Biden’s 2023 budget request. The legislation:
The bill includes:
- $31 billion for Tenant-based Rental Assistance to continue to serve more than 2.3 million very low- and extremely low-income households nationwide. This level of funding also includes $1.1 billion to expand housing assistance to more than 140,000 low-income families.
- $14.9 billion for Project-based Rental Assistance to continue to house more than 1.2 million very low- and low-income households nationwide, an increase of $1 billion above fiscal year 2022.
- $11.8 billion for Community Planning and Development, an increase of $2 billion above fiscal year 2022, including $3.3 billion for Community Development Block Grants, equal to fiscal year 2022. This also includes:
- $1.7 billion for the HOME Investment Partnerships Program which has helped preserve approximately 1.33 million affordable homes, an increase of $175 million above fiscal year 2022; and
- $50 million for a new down payment assistance program to help first-time, first-generation home buyers purchase a home.
- Increased investments to revitalize low-income housing and distressed properties through the Choice Neighborhoods Initiative, providing $450 million, an increase of $100 million above fiscal year 2022.
- $500 million for a new Manufactured Housing Improvement and Financing Program to support critical infrastructure, resiliency, and financing activities to preserve and revitalize manufactured housing across the country.
This is the first step in the fiscal 2023 appropriations process and NAHB will follow developments closely and weigh in as appropriate.