Administration FY 2011 Budget Proposal Extends Credit Exchange, Cuts HOME

The Administration yesterday sent Congress its FY 2011 Budget, proposing funding for all federal programs, including HUD and the Department of Agriculture’s rural housing programs.  It also contains the Administration’s tax proposals, including an extension of the Housing Credit Exchange program in 2010 and the extension and expansion of the Build America Bonds program.  The Budget also says that the Administration will ask Congress for authorization to increase the FHA annual single-family mortgage insurance premium.
 
The Budget does not contain a proposal to reform the housing Government-Sponsored Enterprises (GSE), Fannie Mae and Freddie Mac, but HUD Secretary Shaun Donovan said the Administration will release a GSE reform proposal soon.
 
NCSHA’s analysis of the Budget contains more information about its proposals.  NCSHA will publish a more detailed analysis later this week.