Biden Administration released the budget and it’s good news for HUD!


Yesterday, the Biden Administration unveiled its Fiscal Year (FY) 2025 Budget. This entails allocating $72.6 billion in discretionary budget authority for the U.S. Department of Housing and Urban Development (HUD), reflecting a $1.9 billion increase or a 2.7 percent uptick from the 2024 enacted level.

The Administration proposes further initiatives concerning affordable housing. These include a substantial expansion and enhancement of the Housing Credit, endorsement of the Neighborhood Homes Tax Credit by NCSHA, introduction of targeted tax credits for eligible first-time home buyers and certain home sellers, investments in new project-based rental assistance (PBRA) contracts, mandatory spending for capital investments in public housing, allocation of funds for 50,000 new Housing Choice Vouchers, as well as the introduction of two new entitlement-type voucher programs catering to youth aging out of foster care and extremely low-income veterans. Additionally, a first-generation down payment assistance program is proposed, alongside funding and policy adjustments pertaining to HUD and USDA homeownership and multifamily housing programs.

Read more from NCSHA.