(from Enterprise Community Partners) On February 1, President Obama released the Administration's FY 2011 budget, which proposes funding levels for various housing and community development programs. If enacted, the budget would provide about $48 billion in gross discretionary funding for HUD, $1.5 billion (or 3 percent) more than the FY 2010 spending levels. The budget includes $19.5 billion for Section 8 housing choice vouchers and $9.3 billion for the Section 8 project-based rental assistance program.
The budget also provides funding for two new initiatives: 1) the Transforming Rental Assistance program which is designed to preserve approximately 300,000 units of public and assisted housing through enhancing administrative efficiency, promoting the leverage of private capital, and providing tenant mobility, and 2) the Catalytic Investment Competition Grant program for economic development financing in neighborhoods in need of revitalization.
As evidence of the Administration's decision to freeze non-security spending, the Section 202 Housing for the Elderly and Section 811 Housing for Persons with Disabilities received significant funding cuts.
Visit the Enterprise Budget and Appropriations webpage to view a detailed Housing and Community Development Budget Chart and Summary.
