The National Association of Realtors praised the Bush administration for proposing a $2.1 billion increase in the fiscal year 2003 budget for the U.S. Department of Housing and Urban Development (HUD). Much of this 7-percent increase over what was proposed last year will go toward housing and homeownership programs for lower-income Americans.

The President's proposed $31.5 billion budget for HUD includes $204 million for 34,000 new rental housing vouchers, $200 million for the American Dream Downpayment Fund to help 40,000 low-income Americans become first-time homebuyers, $35 million for a new housing counseling program, full funding for Section 8 rental assistance renewals and the addition of a downpayment assistance component to the Section 8 homeownership program.

"We applaud the Bush administration for putting forth a budget that strengthens America's commitment to improving housing opportunities and the rate of homeownership for all Americans," said NAR President Martin Edwards Jr. "Realtors look forward to working closely with the president and Congress to support the proposed funding increases for federal housing and homeownership assistance programs geared toward low-income and minority households. These programs must be preserved and strengthened if we are to meet our goal of making homeownership not just a dream, but a reality for all Americans."

NAR's housing priorities for the coming year include the enactment of a community homeownership tax credit, increased funding for homeownership counseling and rural housing programs, making the Federal Housing Administration downpayment simplification formula permanent, expanding the availability of low-cost financing, and increasing the existing quality and new production of affordable housing.

Published: February 15, 2002

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