Industry News

Bush plan includes $28.5 billion for housing agency

HUD releases details of 2006 housing budget

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The Bush Administration's proposed budget for fiscal year 2006 includes $28.5 billion for programs administered through the Department of Housing and Urban Development, the agency said today. The spending plan proposes reforms and consolidation in some housing and development areas.   The 2006 HUD Budget also proposes a $1 billion increase in funding for the Housing Choice Voucher Program, commonly known as Section 8. The increase brings HUD's total commitment to helping lower-income families find affordable rental housing to approximately $18.4 billion or 65 percent of the Department's overall budget.   "This budget reflects some of the tough choices we must make to continue meeting our nation's key priorities," HUD Secretary Alphonso Jackson said. "Our commitment to expanding economic opportunity through homeownership continues and we will make certain we house and serve those who are most vulnerable."   In releasing details of next year's spending blueprint, Jackso...