On March 9, the White House released its fiscal year (FY) 2024 budget proposal, which notably calls for $51 billion in additional LIHTCs, a new Neighborhood Homes Tax Credit, and mandatory funding for new project-based rental assistance contracts.
For HUD programs, the budget requests $73.3 billion in discretionary budget authority for 2024, a $1.1 billion increase or 1.6 percent increase from the FY 2023 enacted level and requests 50,000 new vouchers for those who are experiencing homelessness or fleeing, or attempting to flee, domestic violence or other forms of gender-based violence.
The budget requests $9 billion to establish a housing voucher program for youth aging out of foster care annually, and requests $13 billion to incrementally expand rental assistance for 450,000 extremely-low-income veteran families.
| (In millions) | FY23 President Budget Request | FY23 Enacted | FY24 President Budget Request |
| HUD Programs | |||
| Tenant-Based Rental Assistance | 32,130 | 30,253 | 32,703 |
| Public Housing Capital Fund | 3,720 | 3,380 | 3,710 |
| Public Housing Operating Fund | 5,060 | 5,134 | 5,183 |
| Choice Neighborhoods Initiative | 250 | 350 | 185 |
| Hsg. Opp. for Persons with AIDS (HOPWA) | 455 | 499 | 505 |
| Community Development Fund (CDBG) | 3,770 | 3,300 (additional 2,982 in earmarks) | 3,415 |
| HOME Investment Partnerships | 1,950 | 1,500 | 1,800 |
| Project-Based Rental Assistance (PBRA) | 15,000 | 14,907 | 15,904 |
| Hsg. for the Elderly (202) | 966 | 1,075 | 1,023 |
| Hsg. For Persons w/Disabilities (811) | 288 | 360 | 356 |
| USDA Programs | |||
| Section 515 Rental Housing Direct | 200 | 70 | 200 |
| Section 521 Rental Assistance | 1,564 | 1,488 | 1,650 |
| Section 542 Vouchers | 38 | 32 | 38 |
| Multifamily Preservation & Revitalization | 75 | 36 | 75 |
