House and Senate Appropriations Committees are racing to pass Fiscal Year (FY) 2024 funding ahead of the August recess and September 30 fiscal year end. The House HUD budget results in an overall ten percent cut, with increases in rental assistance to continue serving households as rents rise while deeply cutting other programs to make up the difference.  

The appropriations committees of both chambers are meeting this week to mark up the FY 2024 HUD budgets – the House met earlier this week on July 18 and the Senate will meet on July 20.

The debt limit deal effectively moves the deadline from the September 30 fiscal year end to December 31, at which point spending levels are automatically trimmed by one percent below current-year levels.Expect to see the bills pass committees but stall on the chamber floors. There will likely be several short-term continuing resolutions (which continue funding the government on FY 2023 levels) and the possibility of a shutdown looms large with this being the first budget cycle under divided government.

 (In millions)   FY23 Enacted   FY24 President Budget Request   FY24 House   FY24 Senate
HUD Programs   
Tenant-Based Rental Assistance   30,253 32,70331,131 
Public Housing Capital Fund   3,380 3,7103,235 
Public Housing Operating Fund   5,134 5,1835,128 
Choice Neighborhoods Initiative   350 1850 
Hsg. Opp. for Persons with AIDS (HOPWA)   499 505505 
Community Development Fund (CDBG)   3,300  (additional 2,982 in earmarks) 3,300   3,300    
HOME Investment Partnerships   1,500 1,800500 
Project-Based Rental Assistance (PBRA)   14,907 15,90415,820 
Hsg. for the Elderly (202)   1,075 1,023913 
Hsg. For Persons w/Disabilities (811)   360 356208 
USDA Programs   
Section 515 Rental Housing Direct  70 2006060
Section 521 Rental Assistance   1,488 1,6501,6071,608
Section 542 Vouchers   48384848
Multifamily Preservation & Revitalization   36 753435

Source: National Low Income Housing Coalition and Housing Assistance Council