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Trump proposes to slash HUD budget by $6.2 billion

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President Donald Trump proposed his budget for the 2018 fiscal year which would include a $6.2 billion cut to the U.S. Department of Housing and Urban Development.

This cut represents an annual decrease of 13.2% and would allot $40.7 billion in gross discretionary funding for the agency.

A report from the Office of Management and Budget outlines the programs the administration would cut to stay within the proposed budget. Here are some of the changes in HUD programs the budget proposes:

Cuts Community Development Block Grant program – saving $3 billion

Cuts HOME Investment Partnerships Program, Choice Neighborhoods and the Self-help Homeownership Opportunity Program – saving $1.1 billion

Increases Lead-based paint and other hazards spending – spends $20 million more

Cuts Section 4 Capacity Building for Community Development and Affordable Housing – saving $35 million

The report explains HUD will continue to support homeownership through provisions of Federal Housing Administration mortgage insurance programs.

Read the full story in Housing Wire.

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