HUD budget increases in programs will help homebuyers, renters and homeless
HUD News Release 06-013
WASHINGTON - Expanding programs to increase homeownership, to provide rental assistance, and to assist the homeless are among the highlights of President Bush's proposed fiscal year 2007 budget unveiled today by Housing and Urban Development Secretary Alphonso Jackson.
Jackson said the $33.6 billion spending blueprint will support the Department's core priorities while expanding the Administration's efforts toward establishing an ownership society and caring for those who might otherwise be living on the streets.
"The President's proposed budget is a real investment in building a society based on ownership and reaching out to those people and places in need to make sure every American has a place to call home," said Jackson.
In June 2002, President Bush challenged the nation to increase the number of minority homeowners by 5.5 million by the end of this decade.
Since the President issued his challenge, 2.4 million minority families have joined the ranks of homeowners.
HOME Investment Partnerships (HOME) Program - HOME is the largest federal block grant program dedicated to creating affordable housing for low-income families.
Formula changes will be proposed to direct more of the program's base funding to communities that cannot meet their own needs; bonus funds will be available to communities that demonstrate the greatest progress in expanding homeownership and opportunity for their residents.
Housing Counseling - The proposed budget requests $45 million (a $3 million increase) to support hundreds of housing counseling programs across the country.
Continuum of Care - The President is proposing a record level of funding to house and serve homeless persons and families.
Through formula grants to states and local communities, as well as competitively awarded grants, these resources will provide critically needed housing assistance to more than 75,000 families.
This significant increase to the voucher program, in addition to a $639 million increase to Section 8 Project-Based rental assistance, will allow HUD to renew all existing rental housing assistance contracts, with an opportunity to help even more low-income families to afford decent rental housing.
