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March 10, 2010

On March 3, the House Financial Services Committee held a markup of its Views and Estimates for the FY 2011 Budget.  Every year the Committee sends the Budget Committee its suggestions for the Budget Resolution on items within its jurisdiction.

The Committee letter supports the Administration’s FY 2011 HUD Budget proposal, particularly the funding increase in the Section 8 Housing Choice Voucher and Project-Based Section 8 program accounts.

The Committee says it will work to restore proposed funding cuts in the HOME, Section 202 Housing for the Elderly, Section 811 Housing for Persons with Disabilities, and other programs.  The Committee notes that enacting the Budget proposal to capitalize the Housing Trust Fund at $1 billion would help offset the negative impact of the budget cuts.

The Committee says it expects to work with the Administration on authorizing legislation for the Choice Neighborhoods Initiative.  This initiative would replace and expand the HOPE VI program for revitalization of severely distressed public housing.  The Budget requests $250 million for Choice Neighborhoods, $185 million more than it received in FY 2010.

The Committee has concerns about using Community Development Block Grant (CDBG) funding for the proposed Catalytic Investment Competition Grants program to provide capital for large-scale economic development projects in distressed communities and for the Sustainable Communities Initiative to better integrate housing, transportation, and energy planning.  The Budget requests $150 million for each.

The Committee letter restates its intention to begin a process leading to the reorganization of our country’s housing finance system, including the replacement of Fannie Mae and Freddie Mac.

The letter is available on the House Financial Services Committee website and NCSHA’s analysis of the President’s FY 2011 Budget is posted here.