In an attempt to cut the deficit by $400 billion over the next decade the Obama Administration has called for a five-year domestic spending freeze, and now it’s up to various federal agencies to do their part. For the U.S. Department of Housing and Urban Development, the mandate will likely translate into program cuts for community development block grants, and, to a lesser degree, supportive housing for the elderly and people with disabilities.
Specifically, the budget cuts community development block grants by 7.5% ($300 million) and HOME Investment Partnerships by 9.5% ($175 million). It also seeks to simplify Section 8 rent — which could yield up to $1 billion in savings over the next five years.
In terms of spending, HUD says it will make the most of leaner resources by sharpening its focus on programs the administration believes will help lead the nation out of economic crisis and toward greater global competitiveness. Some of the key funding provisions … (Builder)
