Congress Considers Administration’s Rescission Requests

Last week the Administration sent Congress a rescission request that proposes rescinding $15.4 billion in budget authority from federal programs, including housing and community development programs. House leadership introduced a nearly identical bill, H.R. 3, which is expected to go to the floor for a vote next week. The bill proposes to rescind $40 million from the Department of Agriculture’s Rural Housing Service Rental Assistance Program, $38.9 million from HUD’s Public Housing Capital Fund, $22.8 million from the Department of Treasury’s Community Development Financial Institution (CDFI) Fund Bank Enterprise Award (BEA) Program, and $141.7 million from the Capital Magnet Fund (CMF). While the bill is likely to pass the House, it is unclear if there are enough votes for it to clear a simple majority vote in the Senate. The National Housing Conference is leading a sign-on letter opposing rescissions to the Public Housing Capital Fund, the Capital Magnet Fund and the USDA Rural Rental Assistance and Rural Community Facilities programs. Additionally, the CDFI Coalition is leading a sign-on letter opposing rescissions to the Bank Enterprise Award and Capital Magnet Fund programs. Enterprise encourages our partners to sign on to these letters and reach out to your Members of Congress and voice opposition to these harmful rescissions.

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