A NAHMAnalysis which reviews the Obama Administrations fiscal year 2016 budget is now available at NAHMA.org.
On February 2, 2015 the Obama Administration issued its budget request for fiscal year 2016. For the Department of Housing and Urban Development, the requested gross discretionary budget authority is $49.3 billion, an amount that is $2.7 billion more than what was requested for FY 2015, and $3.8 billion more than what was appropriated for FY 2015 in the omnibus appropriations bill (H.R. 83). However, a major area of concern in this budget is the proposed funding level for the Project-based Section 8 (PBS8) program. While the Administration has requested a funding increase for PBS8, NAHMA remains concerned that the funding level is not adequate to fully fund all contracts upfront for 12-months at the time of renewal.
The U.S. Department of Agricultures Rural Development (USDA-RD) requested budget for FY 2016 seeks to increase funding for nearly all affordable housing programs administered by the agency. Although the Administration is requesting higher figures for FY 2016, NAHMA remains concerned that the request for Section 521 Rental Assistance (RA) may not be sufficient to fully fund the program.
Along with proposed changes in HUD and RD, the Obama Administrations FY 2016 budget contains proposals to reform and expand the Low-Income Housing Tax Credit (LIHTC).
Also included in this NAHMAnalysis is a breakdown of the Congressional Justifications which outline why the amount of funding was requested and additional information on legislative authority requests and other program initiatives.
To view this NAHMAnalysis, please click here