Housing and the Federal Budget

Not so good news . . . of course.

At least homeless and Section 8 are seeing an increase, so increases are for those most in need. But overall, its a cut.

Thanks to Bill Perkins for fowarding info from John Murphy at Smith & Bucklin on behalf of the National Association for County Community and Economic Development:

The details of the agreement reached last Friday among the House and Senate leadership and the President on FY 2011 spending have been made public.

– While not as bad as the 62% cut to the CDBG formula program contained in H.R. 1, the formula grant program was cut 16% from the FY 2010 level of $3.99 billion to $3.345 billion.
– The HOME program was also cut from $1.8 billion to $1.61 billion.
– The legislation includes $100 million in funding for the Obama Administration’s Sustainable Communities Initiative, down $50 million from the $150 million appropriated for FY 2010.
– Homeless housing grants would be funded at $1.905 billion, an increase over the FY 2010 level of $1.865, including $225 for the Emergency Solutions Grant program.
– The Public Housing Operating Fund gets $4.626 under the agreement, down from last year’s $4.77 billion, while the Public Housing Capital Fund gets $2.044 billion, down from last year’s $2.5 billion.
– HOPE VI gets $100 million, down from last year’s $200 million.
– The HOPWA program’s funding is cut in half to $150 million.
– Section 8 tenant-based renewals get an increase to a total of $18.4 billion, while Section 8 project-based renewals to a total of $9.28 billion.

The legislation is expected to be on the House floor tomorrow where the vote will be close, but it is expected to pass. The Senate will consider the bill later this week and is expected to pass it.