APARTMENT ADVOCATE
NATIONAL APARTMENT ASSOCIATION
Biden ’ s Budget Seeks Increased Funding for Housing Programs , Heads to Capitol Hill
On March 28 , 2022 , President Biden announced his proposed budget for fiscal year ( FY ) 2023 , which outlines the Administration ’ s priorities for the coming year .
Of note for the rental housing industry are several expanded housing programs in the President ’ s budget , including funding for the Low-Income Housing Tax Credit and the Housing Choice Voucher program , among many others . A full list of these programs is below .
Now that the President has made his spending requests , the House and Senate will introduce their own appropriations bills outlining Congressional priorities for FY 2023 . The House has announced they will consider their proposals beginning in June and , while the National Apartment Association ( NAA ) anticipates that the U . S . Department of Housing and Urban Development ’ s ( HUD ) funding will increase , it is unlikely that Congress will raise HUD ’ s budget by $ 11.6 billion , the amount that the President has proposed . Further , it is possible that Congress will delay the funding deadline through continuing resolutions until after the midterm elections in November .
Here is a full listing of the expanded housing programs ( any increases – listed in parentheses – are compared to 2021 enacted levels ):
• $ 50 billion for the Low-Income Housing Tax Credit : ($ 35 billion for state and local PHAs to provide financing options for low-income housing projects , and grants for jurisdictions to remove barriers to development ; Nearly $ 10 billion to modify LIHTC and increase the inventive for developing new affordable units )
• $ 32.1 billion for the Housing Choice Voucher program ( increase of $ 6.4 billion )
• $ 5 billion for the Community Development Financial Institutions Fund to support construction and rehabilitation of affordable housing
• $ 3.8 billion for the Community Development Block Grant
• $ 3.6 billion ( increase of $ 580 million ) for Homeless Assistance Grants to reduce homelessness
• $ 2.7 billion for veterans ’ homelessness programs
• $ 1.9 billion for the HOME Investment Partnership Program to create more rental housing and expand homeownership opportunities ( increase of $ 600 million )
• $ 1.8 billion for the Department of Agriculture ’ s rural housing loan and grant programs ( increase of $ 259 million )
• $ 900 million to improve energy efficiency in public and HUD-assisted housing
• $ 800 million to support affordable housing for the elderly and people with disabilities
• $ 400 million to address lead paint hazards in homes of low-income households with children ( increase of $ 40 million )
• $ 195 million to remove barriers to revitalization in underserved neighborhoods
• $ 86 million to support fair housing enforcement
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