The Senate approved its Transportation, Housing and Urban Development, and Related Agencies fiscal year 2024 funding bill. The measure includes $70.06 billion for HUD.
According to the National Association of Home Builders (NAHB), of particular note, the Senate bill includes $1.5 billion to sustain robust funding for the HOME Investment Partnership Program, the primary federal tool of state and local governments that produces affordable rental and owner-occupied housing. This level will lead to the construction of nearly 10,000 new rental and home buyer units.
By contrast, the House bill, which is expected to be considered by the full chamber in the near future, slashes funding for this program down to $500 million, the lowest funding level since the program’s inception three decades ago. Members can be assured that NAHB continues to press Congress for full funding for this valuable program in fiscal 2024 (the new fiscal year began Oct. 1, 2023, and a continuing resolution approved by Congress this fall has the government funded at fiscal 2023 level through mid-November).