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Highlights from the President's FY15 Department of Housing and Urban Development Budget Request
Enacted FY14 funding is used for comparisons unless otherwise noted.
The president’s FY15 budget request for the Department of Housing and Urban Development (HUD) is $47.7 billion, a 2.6 percent increase. The administration’s Growth, Opportunity and Security Initiative proposes $280 million for HUD to support comprehensive revitalization in high-poverty neighborhoods and for the Promise Zones Initiative.
The Community Development Fund, which includes the Community Development Block Program (CDBG), would receive $2.9 billion (7.4 percent decrease). Of this amount, $2.8 billion (7.6 percent decrease) is for the CDBG formula grant program to assist state and local governments address community and economic development activities.
The budget requests $75 million within the Opportunity, Growth and Security Initiative for Integrated Planning and Investment grants, formerly known as Sustainable Communities grants. Grants would be used to spur economic progress and promote opportunity by supporting communities and regions with developing long-term, strategic investment plans that serve as a formalized blueprint for revitalizing communities.