The Senate Appropriations Committee approved the fiscal year 2026 spending bill for the Department of Housing and Urban Development. This bill avoids severe cuts proposed by President Trump, maintaining funding for rental assistance and key programs. It allocates $37.4 billion for Section 8 vouchers and increases CDBG funding to $4.4 billion. The legislation also prevents the closure of HUD offices and requires one office in each state. Additionally, it mandates a report on the property insurance market regarding affordable housing properties to address rising costs affecting rent-stabilized owners. Current uncertainties are making developers cautious about moving forward with projects due to funding concerns.
The Senate Appropriations Committee approved the fiscal year 2026 spending plan, which preserves housing assistance, allocating $37.4 billion for Section 8 vouchers and $4.4 billion for CDBG.
The bill bars HUD from closing or relocating its offices and mandates maintaining at least one agency in each state, providing stability to housing programs.
An amendment asks the HUD secretary to report on the property insurance market, particularly for affordable housing properties, highlighting the struggle with rising insurance costs.
Uncertainty over the future of rental assistance is causing developers to hesitate on projects, as they cannot secure financing without guaranteed rental income.
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