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HUD Addresses Housing Goals in President’s 2024 Budget

The U.S. Department of Housing and Urban Development (HUD) has released details about its fiscal year 2024 budget request [1].

Last week, the Biden Administration released the President’s Budget for Fiscal Year 2024 [2], the President’s blueprint to grow the economy from the bottom up and middle out, lower costs for families, protect and strengthen Medicare and Social Security, and reduce the deficit by ensuring the wealthy and big corporations pay their fair share—all while ensuring no one making less than $400,000 per year pays more in taxes.

“The President's 2024 Budget directly supports this historic Administration's goal of building a better America for all. For those of us at HUD, that means addressing homelessness with urgency and ensuring everyone in this country has access to quality affordable housing," said HUD Secretary Marcia L. Fudge [3]. “The Budget invests in Americans at every station in life–from those seeking to purchase a home to those who receive HUD rental assistance–and will ensure families across the country can live in communities that are safe, affordable, and resilient.”

The 2024 President's Budget requests $73.3 billion for HUD, approximately $1.1 billion more than the 2023 enacted funding level. In addition, it requests $104 billion for new mandatory affordable housing investments.

Specific housing related goals in Biden’s fiscal year 2024 budget include:

Recently, Sen. Sherrod Brown, Chair of the Senate Committee on Banking, Housing, and Urban Affairs, led 17 Senate Committee Chairs and Majority Leader Chuck Schumer in a letter to President Biden [8] requesting that the federal government utilize a “whole-of-government” approach to address our nation’s housing needs.

“Our nation’s housing is an essential piece of our infrastructure, but it is a sector that remains in crisis,” wrote the Senators in the letter [8]. “With the Bipartisan Infrastructure Law, CHIPS and Science Act, and the Inflation Reduction Act, decisive steps have been taken to address many of our nation’s infrastructure deficiencies. However, more must be done to address the challenges facing the housing sector, where lagging production coupled with aging housing stock are making housing more expensive and unable to meet the needs of all Americans."