Biden Proposes $100 Billion Budget Fix for US ‘Affordable Housing Crisis’
President Joe Biden’s fiscal 2024 (FY24) budget request seeks $73.3 billion for the Department of Housing and Urban Development (HUD), a $1.1 billion increase from its fiscal 2023 budget, and calls for a dramatic boost in affordable housing allocations over the next decade.
HUD’s proposed spending plan incorporates annual budget requests from 16 offices within the department, the Federal Housing Administration, and the Government National Mortgage Association.
Among the priorities cited in the budget request is to distribute $104 billion in “mandatory affordable housing investments” over the next 10 years to create dedicated funding and tax credits “to tackle the nation’s housing affordability crisis by making a historic investment in lowering housing costs,” according to HUD’s 42-page FY24 Budget Brief….