An effort is underway in Congress to significantly increase the U.S. Department of Housing and Urban Development’s fiscal 2023 budget, with some of that funding going to a distressed properties initiative.
Members of the House Appropriations Subcommittee have given their approval to a $62.7 billion budget for HUD. That figure is up by around $9 billion over the agency’s $53.6 budget.
The new budget includes $31 billion for rental assistance, nearly $12 billion for HUD’s popular Community Planning and Development; and $1.7 billion for a home partnership program.
But for builders and contractors, perhaps the most interesting part of the new budget is the $450 million that will go to revitalizing both low-income housing properties and distressed properties through HUD’s Choice Neighborhood Initiative.
That $450 million is up from the current fiscal year’s $100 million.
The Choice Neighborhoods program is designed to upgrade and modernize public housing facilities across the country. The program also targets improving and bringing back to life abandoned public housing buildings.
The House Appropriations Subcommittee HUD budget, just over $1.1 billion more than President Biden asked for in his 2023 budget request, is now on its way to the full House for consideration.
By Garry Boulard
