Trump Administration Releases 2018 HUD Budget Proposal – NMP Skip to main content

Trump Administration Releases 2018 HUD Budget Proposal

Phil Hall
May 23, 2017
The Trump Administration has announced its proposed 2018 budget for the U.S. Department of Housing and Urban Development (HUD)

The Trump Administration has announced its proposed 2018 budget for the U.S. Department of Housing and Urban Development (HUD), which includes up to $400 billion in new loan guarantee authority and making changes to strengthen Federal Housing Adminsitration’s (FHA) Home Equity Conversion Mortgage (HECM) and $500 billion in new guarantee authority for Ginnie Mae.
 
The budget also seeks $65.3 million to support HUD’s fair housing mission, which the department noted was the same funding level provided in the last three years, and it provides $2.25 billion to help local communities meet the housing needs of homeless individuals and families. However, the administration has proposed eliminating Community Development Block Grant Program, claiming that it “has not demonstrated a measurable impact on communities.”
 
Also facing the chopping block are HUD’s Choice Neighborhoods Initiative, HOME Investment Partnerships Program, and the Self-Help Homeownership Opportunity Program—the administration argued that state and local governments are “better-positioned to serve their communities’ needs.”
 
The budget sets aside $1.32 billion for HUD’s internal operations, which includes $250 million for the department’s Information Technology Fund, including $10 million for cybersecurity and modernization investments to help local public housing authorities and managing risks in the FHA mortgage insurance programs. Another $30 million is targeted at an administrative fee to support the modernization of FHA’s aging systems—including those based on the now-outdated COBOL programming language.
 
“This Budget reflects this administration’s commitment to fiscal responsibility while continuing HUD’s core support of our most vulnerable households,” said HUD Secretary Ben Carson. “We will work very closely with Congress to support the critical work of our agency as we vigorously pursue new approaches to help work-eligible households achieve self-sufficiency.”  

 
Published
May 23, 2017
MISMO Seeks Public Comment On 3 eMortgage Resources

Updates proposed to MISMO Business Glossary, eMortgage Glossary, and eModification Reference Flyer.

Regulation and Compliance
Aug 05, 2022
As Expected, The Fed Raises Rate By Another 0.75%

Experts say housing industry will shrug off the latest increase.

Regulation and Compliance
Jul 27, 2022
AmTrust Ends 'No-Poach' Agreement, Pays $1.25M Fine In Deal With N.Y. AG

Company also agrees to cooperate with ongoing investigations of the title insurance industry.

Regulation and Compliance
Jul 25, 2022
NAR Chief Economist: Nationwide Home Price Decline Won't Happen Soon

Lack of inventory continues to support growth in prices, which have increased year over year for 124 straight months.

Regulation and Compliance
Jul 22, 2022
FHFA Director: Fannie, Freddie Need $300B Combined In Capital

So far, the enterprises combined have built $83.5 billion in reserves, or about 27% of the target.

Regulation and Compliance
Jul 21, 2022
Expansion Of Community Reinvestment Act A Poor Fit For A Non-Problem

Equating non-bank mortgage companies to banks is misguided for several reasons.

Analysis and Data
Jul 20, 2022