July 25, 2017
Senate Panel Approves $40.24 Billion HUD Budget for Fiscal 2018
The Senate-T-HUD Appropriations Subcommittee today approved $40.24 billion in appropriations for HUD for fiscal 2018, which starts Oct. 1. This is an increase of $1.4 billion above the current level.

Of note to the housing community, the bill provides $3 billion for the Community Development Block Grant formula program, which is $100 million above the funding level proposed in the House T-HUD Appropriations legislation.

The Senate spending bill also includes $950 million for the HOME program in fiscal 2018, which is also $100 million above the House counterpart.

Of particular interest to the multifamily developers, the Senate appropriations package provides $21.37 billion for Section 8 Tenant Based Rental Assistance, ($1.07 billion above the fiscal 2017 level of $20.29 billion), and $888 million above the $20.49 billion earmarked in the House bill.

The Senate spending measure allocates $11.5 billion for Section 8 Project-Based Rental Assistance,  an increase from $10.82 billion for the current fiscal year and $42 million above the House proposal of $11.08 billion.

NAHB will continue to work with Congress to ensure these vital housing programs are funded at the appropriate levels to fully fund Section 8 contracts and grant programs to best serve low- to moderate-income communities.

For more information, contact Jessica Hall at 800-368-5242 x8253.