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HUD News Release 07-008
U.S. Housing and Urban Development Secretary Alphonso Jackson unveiled the Bush Administration's Fiscal Year 2008 Budget request, which seeks to expand record homeownership, promote affordable housing and assist homeless individuals and families.
President Bush is seeking $35.2 billion for HUD, which represents a $1.6 billion or 4.5 percent increase over his proposed spending plan for FY 2007.
"This budget continues President Bush's deep commitment to build an ownership society while recognizing the need to promote affordable housing programs across the country," said Jackson.
Jackson said HUD's FY 2008 spending blueprint will support the Department's core missions, particularly expanding homeownership and caring for those most in need.
The FY 2008 Budget seeks a record $1.6 billion to support thousands of local programs that serve the homeless, as well as increases for rental assistance for low-income families.
In June 2002, President Bush challenged the nation to close the minority homeownership gap by increasing the number of minority homeowners by 5.5 million by the end of this decade.
The Federal Housing Administration (FHA) - FHA is undergoing a historic transformation to give homebuyers who do not qualify for prime financing a better alternative to high-cost, high-risk loan products.
Indian Home Loan Guarantee Program (Section 184) - HUD's Section 184 Indian Housing Loan Guarantee Program is designed to offer home ownership, property rehabilitation and new construction opportunities for eligible tribes, Indian Housing Authorities and Native Americans.
To help even more low-income families find affordable housing, the President is proposing significant reforms to the Department's Housing Choice Voucher Program that would help up to 180,000 more low-income families in addition to the two million households the program currently serves.
Posted on February 8, 2007 07:54 PM
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