On April 9, President Biden released his blueprint for the Fiscal Year (FY) 2022 budget in a letter to Congress. The request is the first installment of the President’s budget plan and offers topline levels and key funding priorities, which include significant investments in Enterprise policy priorities. The complete budget is expected to be shared by the White House later this spring.
The $1.52 trillion budget blueprint requests $68.7 billion overall for HUD’s programs, a 15 percent increase over the FY21 funding level, and $330 million for the Treasury’s CDFI Fund programs, a 22.2 percent increase above the current funding level. The budget request proposes $30.4 billion for HUD’s Housing Choice Vouchers, which would be a significant investment toward addressing the housing crisis across the country, and $1.9 billion for HUD’s HOME Investment Partnership, which would increase program funding by $500 million and would be the highest funding level for the program since 2009. Additionally, the proposed budget requests $3.8 billion for HUD’s Community Development Block Grant (CDBG), with $295 million in incentives for program funds to be spent on the modernization and rehabilitation of public infrastructure projects in low-income and historically underrepresented communities.
Enterprise believes that investments proposed in this initial blueprint of the FY22 budget are a step in the right direction to meet the Administration’s commitment to addressing racial and economic inequities, both historic and those exacerbated by the pandemic.