On July 13, the full Senate Appropriations Committee held a markup and approved the Fiscal Year (FY) 2024 funding proposal for the Financial Services and General Government (FSGG) bill. The measure would provide $41.2 billion for the agencies under the FSGG Subcommittee’s jurisdiction, of which $14 billion are offsets, including rescissions from the IRS. The total spending, excluding offsets, is $16.95 billion.
 
The FSGG proposal provides $1.884 billion for Treasury, excluding the IRS. The Senate proposed Treasury’s Community Development Financial Institution (CDFI) Fund Programs at $334 million, $10 million above FY23 enacted and $56 million above the House proposal. This money is used by the CDFI Fund to make capital grants, equity investments, and awards for technical assistance to CDFIs, such as Enterprise Community Loan Fund.
 
Since 1994, the CDFI Fund has awarded $5.6 billion in total funding to CDFIs, which leverage over $12 in capital from other sources for every dollar of CDFI Fund assistance. Enterprise is pleased to see increases for this vital program and will continue to advocate for the highest possible funding.
 
On July 12, the House Appropriations Subcommittee on Transportation, Housing and Urban Development, and Related Agencies (THUD) held a markup and approved its FY24 funding proposal, which now moves to the full committee for consideration. The measure would provide $90.24 billion for agencies under its jurisdiction, including $68.2 billion for HUD. Amounts provided in the bill are offset by lower housing receipts (as expected) and rescissions from the IRS made in the debt limit law, as outlined in the bill summary.
 
While many housing programs saw small increases or level funding compared to FY23, the legislation proposes a devastating $1 billion (67 percent) cut to the HOME Investment Partnerships Program (HOME), which is designed to help state and local governments create affordable housing for low-income households. The bill also includes alarming language to prevent HUD from implementing the Affirmatively Furthering Fair Housing (AFFH) rule, which aims to root out historic housing inequities and foster inclusive communities.