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Ranking Member Waters Urges Democrats to Secure Critical Housing Investments in President Biden’s Fiscal Year 2024 Budget

Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, released this statement following the release of President Biden’s Fiscal Year 2024 budget request.

“At a time when our nation’s affordable housing and homelessness crises worsen, I applaud the Biden Administration for its 2024 budget proposal which includes $73 billion in discretionary funding and $34 billion in mandatory funding for the Department of Housing and Urban Development’s (HUD) budget, reflecting a $1.1 billion increase and $26 billion increase over FY23 enacted levels, respectively. These investments in fair and affordable housing reflect the need for robust investments to address our nation’s growing homelessness and affordable housing crises, including key investments that I have long called for. Specifically, I am pleased with the $10 billion in mandatory and $100 million in discretionary funding to provide first-time, first-generation homebuyers with downpayment assistance, reflective of my bill, the “Downpayment Toward Equity Act.” The President’s budget request also includes $33 billion to provide Housing Choice Vouchers to an additional 250,000 households and $3.7 billion for Homeless Assistance Grants to house and provide services to an additional 25,000 people experiencing or at risk of homelessness.

“These increased resources will make a real difference in promoting housing stability in the face of a recession and addressing our affordable housing and homelessness crises. But I want to be very clear. As Republicans continue their brinkmanship over the nation’s debt, with reports that they plan to slash the HUD budget by 40% and phase out the Housing Choice Voucher Program, I urge the Biden Administration and my Democratic colleagues in the Senate to commit to ensuring that the President’s housing budget is fulfilled and does not experience a single cut in the negotiation process. As we all know, housing costs remain a key driver of rising inflation. The only way to relieve families of the crushing weight of inflation is to make the increased investments in fair and affordable housing that families across the country so urgently need. I look forward to getting this budget to the President’s desk.”


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