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$6B in proposed HUD cuts: Real estate industry reacts

03/10/2017

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The Trump administration is considering slashing the budget of Department of Housing and Urban Development (HUD) by $6 billion, The Washington Post reports, citing preliminary budget documents.The cuts would affect public housing support and could nearly eliminate community development grants. It remains to be seen whether the administration’s final budget proposal will include the proposed cuts, the newspaper said.The National Low Income Housing Coalition (NIHLC) called the suggested cuts “unconscionable and unacceptable.” Among other consequences, the group claimed the plan would:Cause properties “in which billions of dollars have been invested over decades to fall further into disrepair” Result in more than 200,000 families losing “critical support” through cuts to the Housing Choice Voucher rental assistance Put a swath of low-income seniors and people with disabilities at a “high risk of eviction”Trulia’s Chief Economist Ralph McLaughlin noted that …

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