Senate Approves $70 Billion for HUD in 2024 Funding Bill11-16-23 | Legislation

Senate Approves $70 Billion for HUD in 2024 Funding Bill

Robust Funding for HOME Investment Partnership Program Included
by Staff

The Senate's fiscal year 2024 funding bill allocates $70.06 billion for HUD.

The U.S. Senate Recently approved the Transportation, Housing and Urban Development, and Related Agencies fiscal year 2024 funding bill, allocating a substantial $70.06 billion for the Department of Housing and Urban Development (HUD).

The Senate's bill designates $1.5 billion to uphold funding for the HOME Investment Partnership Program, a federal tool used by state and local governments to increase rental and owner-occupied housing. This funding level is expected to lead to the construction of nearly 10,000 new units for both rental and home buyers.

Conversely, the House bill, which is set to undergo consideration by the full chamber in the near future, proposes a drastic reduction in funding for the HOME program, slashing it to $500 million. This would mark the lowest funding level for the program in its three-decade history. The National Association of Home Builders (NAHB) recently reported that they are actively advocating for full funding for this program for fiscal year 2024.

The Senate bill also preserves crucial support for HUD rental assistance programs, which provide aid to almost 5 million vulnerable households, including over half who are elderly or individuals with disabilities. Moreover, the Senate's spending bill commits $4.3 billion for the Community Development Block Grant formula program and Economic Development Initiatives, addressing various local community development and affordable housing needs.