Copyright: Bennian
On May 28, President Biden submitted his first budget proposal to Congress, detailing his vision for both spending and management of all programs across the federal government in the coming fiscal year.
Per the Administration’s fact sheet, the proposed $6 trillion budget is intended to “reimagine and rebuild a new American economy that invests in the promise and potential of every single American, that makes it easier for families to break into the middle class and stay in the middle class, and that positions the United States to out-compete our rivals.”
Of key importance for the multifamily industry, the HUD budget proposal indicates Biden would like to see a Department-wide $9 billion expansion that would reach across a number of offices and programs. Specifically, additional resources would be targeted towards programs like the Housing Choice Voucher (HCV) program, project-based vouchers, Community Development Block Grant (CDBG) and a variety of grant and loan programs currently available to multifamily developers and preservation companies. The budget is designed to work in concert with the previously released housing provisions in the president’s infrastructure proposal, the American Jobs Plan, to deploy a total of $318 billion in federal resources toward housing.
The president’s budget is traditionally considered an opportunity to communicate priorities and intended areas of focus to Congress and the public, with the expectation that Congress will develop its own budget and appropriations bills with due consideration to the Executive branch. This year is no different, and within the topic of housing there are three areas the president intends to elevate:
- affordability and housing insecurity;
- fair housing and social justice; and
- environmental impact/resilience.
New spending on fair housing enforcement, proposed programs to eliminate regulations (including local zoning and land use that disproportionately impact minority communities), targeted investments in minority owned businesses and a review of other areas (including appraisals and credit reporting practices) are all examples of the Administration’s intent to focus on fair housing and social justice in the coming year.
As the President and Congress work to craft proposals to further these goals, NMHC will continue to keep members apprised. For more information on NMHC’s policy priorities, please visit our advocacy webpage.
Related Articles
- Sharon Wilson Géno Written Testimony on Behalf of the NMHC and NAA to the Senate Committee on Finance Hearing Entitled Tax Policy’s Role in Increasing Affordable Housing Supply for Working Families
- Middle-Income Housing Tax Credit (MIHTC) Fact Sheet
- Source of Income Laws By State, County and City
- NMHC-NAA Senate Banking State of Housing Market Hearing Letter
- Real Estate Coalition Statement in Response to White House Announcement on Protecting Renters and Promoting Rental Affordability