Industry News

Housing agency to get $31 billion

HUD Budget funds home ownership, rental vouchers, homeless initiatives

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President Bush's proposed 2005 budget includes $31 billion for a U.S. Department of Housing and Urban Development spending plan that emphasizes affordable housing, community revitalization and home ownership, the agency said in a statement today. Alphonso Jackson, HUD acting secretary, said the budget blueprint will provide "historically high levels" of funding for thousands of local housing programs. "These are times for hard choices, yet this budget shows just how committed this Administration is to the people and places who need help," Jackson said. The spending plan includes $200 million for the American Dream Downpayment Initiative set up to help low-income families become first-time homeowners. It also includes millions of dollars for "sweat equity" home ownership program grants, and fair housing education, outreach and enforcement. The Administration will propose again a tax credit of up to 50 percent of the cost of new construction or rehabilitation to "stimulate the pro...