View Author April 2013
President Obama has submitted his proposed budget to Congress and, from a housing perspective, it was a mixed message. While ostensibly demonstrating a 9.7% increase in funding, the increase must be considered in the context of the recent sequester, which cut the US Department of Housing and Urban Development (HUD) budget by about 5.1%. The proposed HUD budget reflects the Administration’s attempt to achieve its “Grand Bargain” on deficit spending by continuing to reign in non-entitlement, discretionary expenditures while funding critical efforts relating to homeless prevention and housing for low income families. Unfortunately, that translates to continued trying times for broader housing and urban development efforts.