Xavier Arriaga

President Biden has released his request for the fiscal year 2025 (FY25) budget, following the Administration’s recent announcement of new actions to strengthen housing supply and lower housing costs and the release of the Treasury’s 2024 Housing Agenda. The budget request, while not legally binding, signals the Administration’s priorities and is a jumping off point for the congressional appropriations process for FY25. Despite the spending cap constraints from the Fiscal Responsibility Act of 2023, the President’s budget request proposes nearly level funding for many affordable housing and community development programs, in addition to making historic investments on the mandatory spending side.

Congress has released its first tranche of spending bills for Fiscal Year 2024 (FY24), which includes funding for major housing, community development, and homelessness programs. The omnibus package of six bills (also known as a minibus) includes Congress’s proposal for Transportation, Housing and Urban Development, and Related Agencies (THUD) and the Agriculture, Rural Development, Food and Drug Administration, and Related Agencies (Agriculture-FDA). 

The Senate Appropriations Committee approved its Transportation, Housing and Urban Development, and Related Agencies (THUD) fiscal year 2024 spending bill, advancing its proposal to provide funding for major housing and community development programs.