WASHINGTON - The Biden-Harris Administration today released the President’s Budget for Fiscal Year 2025. Following historic progress made under the President’s leadership—with over 14 million jobs created since the President took office and inflation down two-thirds from its peak—the Budget protects and builds on this progress with proposals for responsible, pro-growth investments in America and the American people. The President’s Budget will lower costs for the American people, protect and strengthen Social Security and Medicare, secure Americans at home and abroad, and reduce the deficit by ensuring the wealthy and big corporations pay their fair share.

“The Fiscal Year 2025 Budget will provide our agency with funding to support our mission to provide families with access to safe, affordable and quality housing options,” said HUD Secretary Marcia L. Fudge. “Every day, HUD’s programs directly impact people’s lives through housing and other services. We will continue to support the Administration’s goal to build the economy from the bottom up and the middle out.”

The Budget makes critical, targeted investments in the American people that will promote greater prosperity for decades to come. At HUD, the Budget will:

• Expand Access to Affordable Housing and Rental Assistance. HUD has issued over 100,000 new vouchers in three years. That is a 20-year record. Over the past year, 2.3 million people have utilized housing choice vouchers. While rents continue to rise, we are providing people with access to safe, affordable, and quality housing. The Budget provides $32.8 billion for the Housing Choice Voucher (HCV) Program, which will provide housing for 2.3 million individuals and families, including funds for new vouchers to help 20,000 more low-income individuals and families find and afford housing.
• Address Homelessness with the Urgency it Requires. HUD programs serve more than 1.2 million people experiencing homelessness and HUD has issued historic levels of vouchers specifically for people experiencing homelessness. Still, there are far too many Americans sleeping on the streets. The Budget provides $4.1 billion for Homeless Assistance Grants to continue to provide housing and services to individuals and families experiencing homelessness and expand assistance for survivors of domestic violence, dating violence, sexual assault, and stalking, as well as youth experiencing homelessness.
• Build Climate-Resilient and Energy-Efficient Homes. Far too often, despite being the communities hardest hit by the effects of the climate crisis, low-income households are left behind. HUD supports clean energy upgrades like modern and efficient heating and cooling systems and solar panels, so that they too can have resilient and energy-efficient homes. The Budget provides $407 million to support energy efficiency, resilience, and climate mitigation work in HUD-assisted and financed developments.
• Ensure Communities Can Equitably Prepare for Disaster. For more than twenty years, Congress has appropriated emergency supplemental funds to HUD in response to major disasters to address the unmet long term disaster recovery needs of States, territories, local governments, and Tribes. The Budget supports authorizing the Community Development Block Grant—Disaster Recovery (CDBG-DR) program, which would significantly improve the transparency, predictability, and efficacy of CDBG-DR funds directed to impacted communities.
• Boost Homeownership and Wealth-Building Opportunities for All. Under this Administration, the Federal Housing Administration’s (FHA) first-time homebuyer rate has been higher than under any comparable period in more than 20 years. Secretary Fudge is committed to ensuring that every American has access to this key element of the American Dream. The Budget provides up to $50 million for the FirstHOME Downpayment Assistance initiative under the HOME Program to support sustainable homeownership for first-time homebuyers, on top of FHA’s continued efforts to keep homeownership affordable.
• Protect Families from Health Hazards. All families deserve the right to live in a safe and healthy home. The Budget provides $417 million to remove dangerous health hazards from homes for vulnerable families through funding for Lead Hazard Control and Healthy Homes programs and the Public Housing Fund. This includes mitigating threats from fire, lead, carbon monoxide, and radon.

Thanks to President Biden and Secretary Fudge’s leadership, HUD has delivered first-of-its-kind initiatives to boost housing supply, increase climate resilience, and lower housing costs:

• HUD received $1 billion from the President’s Inflation Reduction Act, creating the Green and Resilient Retrofit Program to simultaneously invest in energy efficiency, renewable energy generation, climate resilience and low embodied carbon for low-income households.
• In 2023, HUD made $85 million available through the new Pathways to Removing Obstacles to Housing (PRO Housing) program to incentivize communities to identify and remove barriers to affordable housing production and preservation.
• In 2023, HUD made a historic cut in FHA’s annual mortgage insurance premiums, saving 425,000 borrowers more than $336 million in aggregate, or about $800 per borrower, in the first year of their mortgages. The estimated total cost savings over the forecasted life of these mortgages is up to $1.9 billion.
• HUD released a first-of-its-kind $225 million funding opportunity to preserve and revitalize manufactured housing communities, providing a boost to this critical source of affordable housing.

This is just a sliver of the important progress HUD, and the entire Biden-Harris Administration has made to ensure every American has access to safe, affordable, and quality housing. The Budget builds on the President’s record while achieving meaningful deficit reduction through measures that cut wasteful spending and ask the wealthy to pay their fair share. For more information on the President’s FY 2025 Budget, please visit: https://www.whitehouse.gov/omb/budget/.