Industry News

Bush proposes modest increase in HUD budget

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The Bush administration proposes scaling back or eliminating six Department of Housing and Urban Development programs to save $1.6 billion, while boosting the department's overall budget by $1 billion, to $38.5 billion. The administration's proposed fiscal-year 2009 budget for HUD would include $2 billion for federal block grants for affordable housing for low-income families -- a $263 million increase in funding for the HOME Investment Partnerships Program. The increase will help an additional 13,000 families find affordable housing, HUD said. Other major provisions of the proposed budget include $29.4 billion in rental assistance for 4.8 million low-income families, including $16 billion for tenant-based rental assistance such as housing vouchers, and $7.4 billion in project-based rental assistance such as Section 8 payments. Six programs representing $1.6 billion have been targeted for termination or reduction, including the Community Development Block Grant (CDBG) pro...