President Biden released his FY 2023 budget request on Monday, March 28. The request would add $6.2 billion to last year’s HUD budget, putting the total at $71.9 billion. Additionally, the proposed budget also includes $50 billion in other federal investments in affordable housing including:
- 200,000 new Housing Choice Vouchers
- Increasing the Homeless Assistance Grants to CoCs by 11%
- Increasing HOME Investments Partnerships by 10%, to almost $2 Billion.
Beyond appropriated funds, the budget calls for increasing housing supply through a combination of additional Low Income Housing Tax Credits and $35 billion in mandatory funding, including $25 billion for affordable housing production grants to state and local housing finance agencies and $10 billion for grants to help remove barriers to affordable housing development, including funding for housing-related infrastructure and zoning changes. We are still awaiting details on how this would be implemented.
Now the process moves to the House and Senate, who will set overall funding levels for HUD spending. Sign your organization on to a letter supporting the highest level of funding possible for affordable housing, homelessness, and community development resources in FY23. The Network will be calling on Congress to support these vital increases by signing on to “Dear Colleague” support letters and throughout the spring and summer, culminating in the annual NAEH advocacy day in July.