Today, President Trump released his long-talked about Rescission Package, urging Congress to pass his measure. The total cuts in funding amount to around $15 billion, and are, according to the Administration, targeted at programs which have not used their excess funding for an extended period, or which have funds that have been deemed unnecessary and/or unable to be used for the program's original purpose.
Both HUD and the USDA's Rural Housing Service are slated to take a hit should the rescission pass. HUD's Public Housing Capital Fund would lose upwards of $41 million, while USDA's Rental Assistance Program would lose $40 million. Meanwhile, USDA's Rural Community Facilities Program would lose $2 million.
It is unfortunate to see the Trump Administration continue to target key affordable housing programs for budget cuts. However, given the opposition from Members of both the House and the Senate, it is unlikely that the Rescission Package will pass. It is nonetheless important for IRHP members to contact their representatives in Congress, and urge them to protect the funding for affordable housing programs.
Proposal (HUD on pages 19-22 and USDA Rural Housing on pages 4-5)
White House Announcement