The Trump Administration is considering cutting over $6 billion from the Department of Housing and Urban Development (HUD), lopping off 14 percent of its budget for fiscal year 2018, The Washington Post recently reported.
A preliminary document obtained by the publication reveals the Administration’s plan to cut $1.3 billion from the public housing capital fund and $600 million from the public housing operating fund. The plan also calls for ending funding for community development grants, proposing to source funds from outside the HUD budget.
The plan would continue existing funding to rental assistance programs, but cut direct rental assistance payments, such as housing vouchers and Section 8, by $300 million. Funding for Section 202, the housing program for the elderly, would be cut by $42 million, while funding for Section 811, the housing program for disabled persons, would be cut by $29 million. Funding for Native American housing grants would also be cut, by $150 million.
In addition, 5 percent of the budget allocated to administrative costs and staff salaries would be cut.
The document, says HUD Deputy Assistant Secretary Jereon Brown, is not finalized. As reported by The Washington Post:
HUD spokesman Jereon Brown said the budget document “is still a work in progress.” The budget document appears to be part of a back-and-forth with federal budget officials, and it is unclear whether the proposed cuts will be included in the president’s final budget proposal.
Stay tuned to RISMedia for more developments.
For the latest real estate news and trends, bookmark RISMedia.com.
