{"id":12556,"date":"2015-02-19T05:00:55","date_gmt":"2015-02-19T13:00:55","guid":{"rendered":"http:\/\/www.yardi.com\/blog\/?p=12556"},"modified":"2020-12-24T03:03:09","modified_gmt":"2020-12-24T11:03:09","slug":"hud-funding","status":"publish","type":"post","link":"https:\/\/www.yardi.com\/blog\/hud-funding\/","title":{"rendered":"HUD Funding"},"content":{"rendered":"<p>In positive news for the public housing realm, the U.S. Department of Housing and Urban Development has received $49.3 billion in gross discretionary funding. It\u2019s a $4 billion increase over FY 2014. The resources will be allocated to rental assistance vouchers, assistance f<a href=\"http:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2015\/02\/HUDhorizon.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-12557\" src=\"https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2015\/02\/HUDhorizon-300x205.jpg\" alt=\"HUDhorizon\" width=\"300\" height=\"205\" \/><\/a>or homeless and at-risk families, community improvement, and additional training for the Public Housing Authority staff.<\/p>\n<p>A notable portion of the funds will be used to compensate for 67,000 Housing Choice Vouchers lost during the sequestration in 2013 and a <a title=\"HUD funding deficit\" href=\"http:\/\/www.yardi.com\/blog\/news\/hud-cuts\/10283.html\" target=\"_blank\" rel=\"noopener noreferrer\">$25.6 billion deficit<\/a> between FY 2014 and FY 2015.<\/p>\n<p>There are few new initiatives. $35 million will be divided between new affordable housing for seniors and 700 new households with supportive services for persons with disabilities.<\/p>\n<p>The bulk of funding is focused on the continuation and enhancement of existing programs for vulnerable populations.<\/p>\n<ul>\n<li>$332 million will support the Housing Opportunities for Persons with AIDS program.<\/li>\n<li>First nation tribes will receive $748 million towards housing and community development.<\/li>\n<li>$2.5 billion will be channeled to the Homeless Assistance Grants, which reduce homelessness among families and veterans.<\/li>\n<\/ul>\n<p>Additional housing assistance comes in the form of adjustments for FHA mortgage insurance premiums. The new parameters will permit access to credit for 250,000 new homebuyers.<\/p>\n<p>$4.7 million low-income families will receive rental housing assistance. A grant of $50 million will transform 25,000 public housing units into project-based rental assistance contracts that can further spark capital investment.<\/p>\n<p>Communities will receive an additional boost of community improvement through Choice Neighborhoods. The organization receives $250 million to reconstruct impoverished neighborhoods as mixed-income communities with employment and enrichment opportunities for residents.<\/p>\n<p>Overall, the budget is a $4 billion increase over the budget for last year, but is it enough? HUD Secretary Juli\u00e1n Castro believes that it is a great start.<\/p>\n<p>&#8220;By increasing our Department&#8217;s funding level by nearly $4 billion over current levels, the President&#8217;s Budget helps us continue our progress toward achieving our mission to promote homeownership, support community development\u2014including making neighborhoods more resilient from natural disasters\u2014and expand to affordable housing for all,&#8221; says Castro.<\/p>\n<p>Whether the $4 trillion long-term proposed budget will reach fruition rests in the hands of Congress. HUD Deputy Secretary Nani Coloretti remains optimistic.<\/p>\n<p>&#8220;Of course we hope the entire budget will get through Congress,&#8221; Coloretti says. &#8220;[&#8230;] I know that some of our proposals remain both popular and supported by Congress because we accept every community.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In positive news for the public housing realm, the U.S. Department of Housing and Urban Development has received $49.3 billion in gross discretionary funding. It\u2019s a $4 billion increase over FY 2014. The resources will be allocated to rental assistance vouchers, assistance for homeless and at-risk families, community improvement, and additional training for the Public [&hellip;]<\/p>\n","protected":false},"author":440,"featured_media":12557,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_s2mail":"yes","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4],"tags":[1016,1015,528,426,322],"class_list":["post-12556","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-affordability","tag-federal-funding","tag-government","tag-housing","tag-hud"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Yardi Blog<\/title>\n<meta name=\"description\" content=\"In positive news for the public housing realm, the U.S. Department of Housing and Urban Development has received $49.3 billion in gross discretionary\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"HUD Funding\" \/>\n<meta property=\"og:description\" content=\"In positive news for the public housing realm, the U.S. Department of Housing and Urban Development has received $49.3 billion in gross discretionary\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardi.com\/blog\/hud-funding\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Blog\" \/>\n<meta property=\"article:published_time\" content=\"2015-02-19T13:00:55+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-12-24T11:03:09+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2015\/02\/HUDhorizon.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"683\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Erica Rasc\u00f3n\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Erica Rasc\u00f3n\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.yardi.com\/blog\/hud-funding\/\",\"url\":\"https:\/\/www.yardi.com\/blog\/hud-funding\/\",\"name\":\"HUD Funding - 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