U.S. Housing and Urban Development (HUD) Secretary Shaun Donovan today unveiled HUD's fiscal year 2015 budget proposal. This year The President's Budget provides a roadmap for accelerating economic growth, expanding opportunity for all Americans, and ensuring fiscal responsibility. The Budget adheres to the 2015 spending levels agreed to in the Bipartisan Budget Act and shows the choices the President would make at those levels. But it also shows how to build on this progress to realize the nation's full potential with a fully paid for $56 billion Opportunity, Growth, and Security Initiative, split evenly between defense and non-defense priorities. Read HUD's proposed FY 2015 budget.
"This year's budget presents a unique opportunity for HUD to work within the frame of the Bipartisan Budget agreement while continuing to build ladders of opportunity for all Americans" said Donovan. "This funding will continue to help strengthen and stabilize our nation's housing market while putting our economy back on the right track and helping those in most need."
HUD's budget is an essential component of the President's vision of investing in the things we need to grow our economy, create jobs, increase skills training and improve education -- while continuing long term deficit reduction.
The budget focuses on four key principals:
Driving Economic Growth by Increasing Access to Credit and Strengthening the Federal Housing Administration;
Providing Opportunity by Restoring and Increasing Assistance to Vulnerable Families;
Creating Growth and Opportunity through Key Initiatives; and
Ensuring Fiscal Responsibility and Increasing Efficiency.
While the President's request makes critical investments to speed economic growth -- growing neighborhoods of opportunity through Choice Neighborhoods and providing access to credit through FHA--it also includes new savings proposals and some very difficult choices we would not have made in a better fiscal environment.