The U.S. Senate Appropriations Committee approved full funding for the fiscal year 2025 Transportation, Housing and Urban Development, and Related Agencies Appropriations Act (T-HUD). The act allocates a total of $98.737 billion in discretionary funding for various agencies, including Ginnie Mae.
The committee passed the bill with a 28-1 vote, allocating $67 million for salaries and expenses related to the operations of the government-owned company. Previously, the funding for Ginnie Mae’s administrative expenses was $54 million.
“This bill makes important investments to strengthen our nation’s transportation infrastructure and address the housing crisis affecting so many people across the country,” said Senator Brian Schatz (D-HI), chair of the Senate Appropriations Subcommittee on Transportation, Housing and Urban Development, and Related Agencies. “The funding in this bill will help make homes more affordable, reduce homelessness, improve air traffic safety, and reduce flight delays."
Schatz continued, "Importantly, this bill also makes record investments in Native housing, which will help Native people in Indian Country, Hawai‘i, and Alaska buy and keep their homes. I’m proud of the work this subcommittee has done on a bipartisan basis to produce a strong bill and urge my colleagues to pass it as soon as possible.”
In response to the news, the Community Home Lenders of America (CHLA) released a statement in support of the Senate’s decision.
"CHLA is thrilled to see the Senate boost in funding for Ginnie Mae, which plays a critical role for independent mortgage banks, and particularly for smaller issuers," said Scott Olson, executive director of CHLA.
CHLA has taken the lead on this issue - starting with the May 15th release of CHLA's Ginnie Mae Modernization Plan, which called for the $13 million funding increase the Senate Appropriations Committee approved on July 25. The association also helped spearhead a joint industry letter on June 24 to the Senate House and Senate Appropriations Committees, asking for this funding amount for Ginnie Mae.
