The FY24 Budget includes significant investments in building affordable housing, expanding access to homeownership, ending homelessness, and more. These goals further a larger plan to grow the economy from the bottom up and middle out. HUD Secretary, Marcia L. Fudge, praises the move.

The Budget invests in Americans at every station in life – from those seeking to purchase a home to those who receive HUD rental assistance – and will ensure families across the country can live in communities that are safe, affordable, and resilient.”

Marcia L. Fudge – HUD Secretary

FY24 Budget Impact on Housing

The FY 24 Budget also makes critical, targeted investments in the American people. Under the budget, The U.S. Department of Housing and Urban Development will use funds to:

• Reduce Costs for New Homeowners and Expand Access to Homeownership. The Federal Housing Administration (FHA) will be decreasing the yearly mortgage insurance premiums paid by new borrowers by approximately 33% in 2023. As a result, the average FHA borrower will save around $800 during their first year.
• Expand the Housing Choice Voucher (HCV) Program and Enhance Household Mobility. HUD will use more than $32 billion to expand the (HCV) program. According to HUD, this will maintain services for existing families. It will also help an additional 50,000 households access to greater housing choice.
• Increase Affordable Housing Supply to Reduce Costs. HUD plans to use $1.8 billion to build more affordable housing across the nation.
• Supports Economic Development and Removes Barriers to the Development of Affordable Housing. The FY24 Budget also provides $3.4 billion for the Community Development Block Grant (CDBG) program to help communities modernize infrastructure, invest in economic development, create parks and other public amenities, and provide social services. 
• Advance Efforts to End Homelessness. In addition to expanding housing choice and supply, $3.7 Billion will be used for homeless assistance grants. Moreover, these funds will help survivors of domestic violence and homeless youth.

Overall, the FY24 budget reflects the Biden-Harris Administration’s commitment to addressing the affordable housing crisis and promoting equity in housing. The budget proposal will now go to Congress for consideration and approval.

You can watch HUD’s full press briefing below.