Statement from Secretary Castro on Subcommittee Passage of the Senate's Transportation, Housing and Urban Development, and Related on Agencies Committee Proposed FY16 budget.

June 25, 2015

America is in the midst of an affordable housing crisis. The Senate Republican's budget would only make it worse. In addition to underfunding key programs such as Choice Neighborhoods, they are proposing cuts to a vital affordable housing initiative-the HOME Investment Partnerships Program (HOME) - down to $66 million from President Obama's request of $1.05 billion which would be a loss of an estimated 36,258 affordable housing units.

An investment in HOME is an investment in the American people. HOME funds are often the first funds into new Low Income Housing Tax Credit developments, providing important capital for efforts that serve low-income veterans, seniors and the homeless. For more than 20 years, Congress has funded this program, producing 1.2 million affordable housing units, but funding has been cut 50% in the last five years. This trend must not continue. It's time for Congress to invest in our nation's people, communities and future.

HUD creates new opportunities for the people we serve every single day. Yet, in this difficult fiscal environment, our budget is unable to keep up with the need for our services. At current funding levels, we are only able to serve one in four families who are eligible for our housing. We cannot meet our mission of providing every American with access to quality housing and a strong community by allowing sequestration level cuts to continue.


Content Archived: March 17, 2017