WASHINGTON, D.C. – June 29, 2015 – (RealEstateRama) — This week, the Senate Appropriations Committee approved their version of the fiscal year (FY) 2016 Transportation, Housing and Urban Development, and Related Agencies (T-HUD) spending bill.
In total, the bill reflects an allocation of $55.65 billion in discretionary spending, which is $1.8 billion above current funding levels. The bill contains $5.6 billion for HUD Community Planning and Development (CPD) programs, which is $1.1 billion lower than the enacted FY2015 level. The Community Development Block Grant (CDBG) formula program is funded at $2.9 billion for FY2016, which is $100 million below the current funding level and $100 million below the House passed FY2016 level. The HOME Investment Partnerships Program is funded at $66 million in the Senate bill, which is $834 million below the current level and $834 million below the House passed FY2016 level. NADO strongly opposes these funding cuts to the CDBG and HOME programs.
The $1.1 billion reduction in CPD programs was used to offset HUD rental assistance programs. Additionally, Federal Housing Agency (FHA) loan receipts, which help to pay for HUD discretionary programs each fiscal year are down $1.1 billion from FY2015 levels. The bill now moves to the full Senate for consideration. Click here to view a summary of the bill.