The Obama administration is proposing higher funding levels for a number of HUD programs for Fiscal Year 2015, which begins October 1. The administration has requested $46.7 billion in budget authority for HUD, which represents 2.6% above the FY 2014 budget and 10% higher than the FY 2013 level after sequestration.
Highlights of the proposed HUD budget increases (compared to FY 2014) include the following:
- 4.5% increase for tenant-based rental assistance (vouchers)
- 33% for the Choice Neighborhoods program
- 27% for Supportive Housing for Persons with Disabilities (Sect. 811)
- 14.7% for Supportive Housing for the Elderly (Sect. 202)
- 14.3% for Homeless Assistance Grants
- 4.5% for public housing operating subsidies
However, House and Senate appropriations committees have indicated they will adhere to the FY 2015 spending cap imposed by the previous year’s budget agreement.
In addition, the budget request proposes to lift the current cap of 60,000 public housing units eligible to convert to project-based rental assistance under the Rental Assistance Demonstration (RAD).
TCAM continues to track the latest on the federal budget and funding of housing programs. For the latest updates, contact Allen Feliz (afeliz@tcamre.com) — (617) 542-1200.