WASHINGTON, D.C. – February 16, 2011 – (RealEstateRama) — Yesterday President Barack Obama released his FY12 budget, which would freeze non-defense discretionary spending for five years in an effort to reduce the budget deficit. While some housing and community development programs are spared the knife, critical HUD programs that provide housing stability, promote economic mobility and job creation, and stabilize communities would be significantly reduced.
Members of the Campaign for Housing and Community Development Funding (CHCDF), a coalition of 70 national affordable housing and community development groups, understand President Obama’s efforts to address the nation’s long-term deficit.
Members do, however, believe that attempts to reduce the deficit should not come at the expense or burden of low income families. Cuts to housing and community development programs could potentially place vulnerable families, children and seniors at risk as well as undermine the fragile economic recovery by eliminating opportunities for housing construction and growth in employment.
While we are concerned with the cuts to housing and community development programs proposed in the President’s budget, we are far more alarmed by the House of Representatives’ Continuing Resolution (CR), which cuts $100 billion below the President’s FY11 budget.
The House CR would make deep and in some cases total cuts to housing and community development assistance despite the growing housing hardship experienced by low income families. These cuts would severely impact millions of people served by affordable housing and community development programs. These programs prevent people from losing their homes, stabilize communities, and promote economic mobility and job creation. These are exactly the investments that must be made in light of the economic uncertainty our nation still faces.
We look forward to working with Congress and the Administration to ensure that the housing and community development programs that strengthen our communities and our country are maintained.
A list of CHCDF members can be found at http://www.nlihc.org/doc/CHCDF_Members_January2011.pdf
Melissa Quirk, 202.662.2530 x230,