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Biden Requests Nearly $70 Billion to Address Housing

President Joe Biden has issued his request for fiscal year 2022 discretionary funding [1] in advance of his full budget proposal to Congress due later in the spring.

Biden’s American Rescue Plan Act of 2021 [2] was a step toward the nation’s recovery, as it provided urgently needed resources to help build a bridge toward economic repair. For the housing market and its impact on the overall economy, President Biden outlined a number of housing-related issues discretionary funding request to address expanding housing opportunities and reducing the racial wealth gap. The President’s discretionary request includes $68.7 billion for the Department of Housing and Urban Development (HUD), a $9 billion or a 15% increase from the 2021 enacted level.

“Addressing our nation’s urgent housing challenges and building a more affordable, equitable, and resilient housing system demands strong federal leadership backed by robust federal funding,” said HUD Secretary Marcia L. Fudge. “President Biden’s FY22 discretionary funding request turns the page on years of inadequate and harmful spending requests and instead empowers HUD to meet the housing needs of families and communities across the country. I am particularly pleased that the request proposes more than $30 billion to expand housing vouchers to an additional 200,000 low-income families. I look forward to working with the President to advance HUD’s critical priorities.”