The 10 percent increase in HUD’s budget represents a significant and welcomed down payment in preserving and expanding affordable housing across the country. We are particularly pleased to see funding increases in the HOME, CDBG, and the public housing operating and capital accounts. The public housing capital fund program, which is a critical tool in leveraging private sector investments, has been under attack, so we are thankful that Congress saw fit to increase it by 42 percent over last year’s funding level.
The bill’s inclusion of a 12.5 percent increase in the Low Income Housing Tax Credit allocation for four years and income averaging are also big affordable housing wins. These provisions will make up for some of the ground loss due to the tax reform law and will help preserve aging public housing units through mixed-finance and RAD deals.
We are also glad to see increases in vouchers for homeless veterans and parents reuniting with their children, which will help stabilize families across the country.
Many thanks to our Congressional leaders who got the job done. Now let’s call the vote and quickly get these resources into our communities.
Contact: Sylvia Gimenez