Smart SpendingSmart Spending

Obama budget helps renters, homeless

The proposal would give housing a small shot in the arm to help blighted neighborhoods. Most current programs would be able to keep running.

By Marilyn Lewis Apr 11, 2013 2:21PM

This post comes from Marilyn Lewis at MSN Money.

 

Image: Rental market © Influx Productions/age fotostockHousing for low-income Americans gets a new shot in the arm in President Barack Obama's proposed national budget, unveiled Wednesday.

 

"Better urban development isn't the first item on that agenda, but its an important part of the administration priorities for the coming year," says The Atlantic magazine.

 

Of course White House budget proposals rarely if ever are adopted whole. "President Obama's proposals today at a minimum shed light on which community development programs the administration sees as worth fighting for," adds The Atlantic.

 

Obama would give the Department of Housing and Urban Development new attention, expanding HUD's resources by almost 10% from 2012 -- up $4.2 billion to $47.6 billion.

 

Housing share still small

Still, the portion proposed for housing is tiny compared with, say, Social Security, defense or a lot of other categories, and that's no different from last year.

 

"The budget makes investments to revitalize distressed neighborhoods, reduces blight in communities hardest hit by the foreclosure crisis and supports sustainable economic development," according to HousingWire.

 

It's all part of a $3.77 trillion national budget proposal that tries trimming the country's budget deficit by more than 20% in 2014. Here's the budget, at WhiteHouse.gov, and a six-page overview from Politico. (If you want all the details, get them, with excellent graphics and clear breakdowns, at the Washington Post's Wonkbook.)

 

Obama would raise taxes on wealthier taxpayers and reduce spending with, among other proposals, cuts to Medicare and Medicaid. He'd also shrink Social Security recipients' annual cost-of-living increases, which has got many in Congress, including in his own party, up in arms. (Here is The New York Times' coverage.)

 

Meanwhile, $400 million is provided through the budget to transform neighborhoods with distressed HUD-assisted housing, up from $150 million in the 2013 budget.

 

The specifics

Here are the most-important details:

  • $37.4 billion for rental housing assistance for 4.7 million low-income families.
  • $2.4 billion to keep trying to end chronic homelessness and homelessness among veterans and families.
  • $400 million to help transform neighborhoods blighted with deteriorating HUD-assisted housing into mixed-income communities.
  • Maintains housing counseling for people with troubled loans and continues "loss mitigation" support to help FHA borrowers who are struggling with their mortgages. There's also money to reform the financially troubled FHA itself.
  • Keeps the long-running Community Development Block Grant program running, helping targeted neighborhoods with specific projects.

 

The proposed HUD budget says "savings are achieved through reduced funding for new affordable housing construction and reforms to the Department."

 

More than 90% of the increase to HUD's budget "would maintain current levels of rental and homelessness assistance, most who earn less than 30% of their area's median income," according to the MBA NewsLink.

 

More from MSN Money:

 

 

 

5Comments
Apr 11, 2013 5:10PM
avatar

Here are the most-important details:

$37.4 billion for rental housing assistance for 4.7 million low-income families.
$2.4 billion to keep trying to end chronic homelessness and homelessness among veterans and families.
$400 million to help transform neighborhoods blighted with deteriorating HUD-assisted housing into mixed-income communities.
$400 million to help transform neighborhoods blighted with deteriorating HUD-assisted housing into mixed-income communities.
Keeps the long-running  program running, helping targeted neighborhoods with specific projects.
$37.4 billion for rental housing assistance for 4.7 million low-income families. Many of these are that way by choice so why should retirees pay for their laziness. 

$400 million to help transform neighborhoods blighted with deteriorating HUD-assisted housing into mixed-income communities. Most of the blight is caused by the no good people living there who won't get off their **** to take care of anything. But Government takes away from the retirees who worked for what they got so these agencies can steal money from the government. 

Keeps the long-running  program running, helping targeted neighborhoods with specific projects. This is probably where our so smart president came from so he wants it to remain. Just a way to waste money by giving to certain races to do nothing while collecting a high salary or stealing the money from the government. But cut benefits to the retirees who paid for their benefits. 

All this wasted money for nothing. 



Apr 11, 2013 6:00PM
Apr 15, 2013 3:02PM
avatar

These low income people need real jobs.  Not sucking off the public nipple thru rent subsidies, food stamps and medicaid.  What has obama done in that regard?  Nothing.  Unemployment figures including the shadow unemployed is at its highest ever.

 

Start ending these people's lives on the public dole and maybe they will then be forced to find jobs or move to better areas to find jobs like the Dakotas, Wyoming, etc.  If an entire family from mexico or central america who are much poorer than the poorest people we have can travel thousands of miles to the US, I think these lazy jackasses can pack up and move a couple hundred miles to find a job.

Apr 15, 2013 11:52AM
avatar

Kjun, your racism is showing. While it is true that some people are lazy and therefore homeless, that is not true of most people in substandard housing. It is a complicated problem, and I am glad that the President wants to address this problem. Many families lost their homes in the economic downturn due to losing their job, and there are few jobs to replace those that were lost. Many rental properties are not maintained as they should be, and that is not always due to tenants neglect. Sometimes it is due to cheap landlords, or 'slumlords' as we call them here.

Report
Please help us to maintain a healthy and vibrant community by reporting any illegal or inappropriate behavior. If you believe a message violates theCode of Conductplease use this form to notify the moderators. They will investigate your report and take appropriate action. If necessary, they report all illegal activity to the proper authorities.
Categories
100 character limit
Are you sure you want to delete this comment?

DATA PROVIDERS

Copyright © 2014 Microsoft. All rights reserved.

Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.

ABOUT SMART SPENDING

Smart Spending brings you the best money-saving tips from MSN Money and the rest of the Web. Join the conversation on Facebook and follow us on Twitter.

VIDEO ON MSN MONEY

TOOLS

More