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NLIHC statement on actions to protect renters affected by foreclosures

National Mortgage Professional
May 10, 2009

HUD FY2010 budget shifts focus to responsibility, effectiveness and transparencyMortgagePress.comU.S. Department of Housing and Urban Development, FY2010 budget, Shaun Donovan U.S. Department Housing and Urban Development Secretary Shaun Donovan has unveiled the Department's fiscal year 2010 budget, which focuses on responsibility, effectiveness and transparency. The proposed 2010 budget exercises strong fiscal discipline, consolidating or eliminating 27 programs and activities, and investing in initiatives to increase transparency and accountability. "We are cutting or consolidating programs that don't work and instead, investing in programs that do work," said Secretary Donovan. "The HUD budget will put in place systemic reform and policy innovation, and harness private sector capital and talent as well as new kinds of partnership and collaboration to respond to the nation's housing crisis, address new national priorities, and change the way HUD does business." The budget will allow HUD to effectively respond to the housing crisis through new efforts to strengthen FHA, curb mortgage abuse and predatory practices, and increase counseling for homeowners at risk of foreclosure. Importantly, HUD will not be asking taxpayers to support FHA's single family program in the 2010 budget. The budget will also help HUD shape new markets and methods in the production and preservation of affordable housing, the "greening" of residential housing, the regeneration of high poverty neighborhoods and the promotion of sustainable growth. Highlights from HUD's FY2010 Budget include: • FHA's single family program will generate sufficient revenues from new insurance premiums without requiring any taxpayer assistance. Meanwhile investments in FHA will help cut fraud and abuse. • Enhanced investments in technology, staffing and training will ensure the safety and soundness of FHA, enabling it to cope with the rising volume of mortgage business, detect fraud, and monitor the practices of lenders and appraisers. • Expanded funding in fair housing and FHA will also enhance the Department's ability to curb mortgage abuse and lending discrimination and provide pre- and post-purchase counseling to vulnerable homeowners. • The budget will make targeted investments to help rebuild the economy through reinvigorating housing construction for low- and moderate-income families by infusing the Affordable Housing Trust with $1 billion in capital. • A new $250 million Choice Neighborhoods Initiative will build on the lessons of HOPE VI and revitalize high poverty neighborhoods through transformative investments in distressed public and assisted housing and closer linkages with school reform and early childhood interventions. • To address those families struggling during the economic crisis, the budget will provide targeted increased funding for Section 8 tenant based rental vouchers, enabling HUD to assist more families than ever before. The budget couples a $550 million increase in funding for the Community Development Block Grant program, reflecting President Obama's pledge to fully fund the program, with a call for updating a formula that is more than thirty years old and new performance accountability. The budget also makes targeted investments in energy innovation to contribute to our nation's long term economic growth and recovery, including: • A $25 million Rural Innovation Fund to test and rapidly disseminate innovative efforts to revitalize rural communities and a $25 million University Community Fund, which consolidates current programs to leverage the critical role of higher educational institutions in urban and rural communities. • A $100 million Energy Innovation Fund to spur private sector investment in the energy efficiency of the Nation's housing stock. • A $150 million new Sustainable Communities Initiative to spur a new generation of metropolitan and rural efforts to integrate transportation, housing and land use planning and decisions in a way that maximize choices for residents and businesses, lowers transportation costs, saves energy and improves quality of life. • A new Transformation Initiative will generate programmatic savings through rigorous evaluation and technology investments. "We went line by line, to see where we could cut spending in order to invest in effective programs that contribute to our nation's long term economic growth and recovery," said Secretary Donovan. "This budget addresses the nation's current housing crisis by finding savings and making targeted investments to help grow the economy and keep people in their homes. I look forward to the consideration and approval of this budget in Congress." For more information, visit www.hud.gov.
Published
May 10, 2009
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