President Trump unveiled his fiscal 2018 budget plan today that proposes sharp increases to defense spending along with corresponding cuts to scores of non-defense discretionary programs. Notably, the administration puts HUD’s funding at $40.7 billion, down $6.2 billion or 13.2% from the $46.9 billion in 2017.
President Obama on Feb. 9 unveiled a $4.1 trillion fiscal year 2017 budget proposal to Congress that is up 5% from the current year. While the blueprint is unlikely to move through Congress, it will serve as a marker regarding funding for important housing programs.
Drastic cuts to the Home Investment Partnerships (HOME) Program, which would essentially eliminate the program, were approved June 25 during a Senate Appropriations Committee markup of the Transportation, Housing and Urban Development, and Related Agencies’ spending bill for fiscal 2016.