On February 4, the President unveiled his Fiscal Year 2009 budget. The President’s plan would fund the U.S. Department of Housing and Urban Development (HUD) at $38.7 billion, which according to the Center on Budget and Policy Priorities, is $330 million above current levels, but insufficient in light of the housing affordability issues plaguing this country. The HUD budget continues to strain efforts to provide decent and safe affordable housing. Over the years, HUD spending has declined significant-ly, illustrated by the fact that HUD’s budget in 1974 was nearly $70 billion (in today’s dollars) as com-pared to the $38.7 billion being proposed for FY09. Clearly, such cuts are indicative of the reduced commitment of the Federal Government to affordable rental housing in favor of failed homeownership policies.
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