Homeownership Is a Major Part of the New HUD Budget

WASHINGTON - U.S. Housing and Urban Development Secretary Alphonso Jackson today unveiled the Bush Administration's Fiscal Year 2008 Budget request, which seeks to expand record homeownership, promote affordable housing and assist homeless individuals and families. President Bush is seeking $35.2 billion for HUD, which represents a $1.6 billion or 4.5 percent increase over his proposed spending plan for FY 2007.

"This budget continues President Bush's deep commitment to build an ownership society while recognizing the need to promote affordable housing programs across the country," said Jackson. "In addition, the President is making certain that HUD's budget once again includes record funding for those who might otherwise be living on our streets. Our budget reflects the President's goal to support what works and cut the Federal budget deficit by prioritizing funding towards programs with measurable, documented results." Jackson said HUD's FY 2008 spending blueprint will support the Department's core missions, particularly expanding homeownership and caring for those most in need. The FY 2008 Budget seeks a record $1.6 billion to support thousands of local programs that serve the homeless, as well as increases for rental assistance for low-income families.

The Department will continue to pursue formula fairness by appealing to Congress to approve a new allocation formula that will more effectively target CDBG funding to areas of greatest need, which is often not the case currently. In addition, HUD will work to boost performance measurements within CDBG to ensure these critically needed dollars produce the results the program was designed to achieve. The FY 2008 proposal is in line with the President's commitment to target limited resources where they are most needed on programs that work.