Earlier today President Trump released his budget blueprint for fiscal year 2017-2018, which outlines increased military spending and cuts for many domestic programs—including key programs that support economic growth in American communities.
Notably the blueprint eliminates funding for HUD’s Community Development Block Grants and USDOT’s TIGER Grants, and would make major cuts to the EPA and the Brownfields program; HUD’s HOME Investment Partnerships Program, Choice Neighborhoods and the Self-help Homeownership Opportunity Program; as well as development programs at USDA.
In response, Jair Lynch, President of LOCUS: Responsible Real Estate Developers and Investors, issued the following statement:
“This budget is filled with dramatic cuts to essential community development and attainable housing programs that are necessary to revitalize American neighborhoods and towns. Programs like Community Development Block Grant, CHOICE Neighborhoods, and HOME provide the private sector and local communities with the tools they need to transform neighborhoods and towns into economically vibrant and socially inclusive communities.
A balanced budget should protect and prioritize federal funding for attainable housing options, affordable transportation choices, and transformative economic development. I urge my fellow real estate professionals to contact the Administration and their members of Congress, and make clear the importance of federal programs that create communities of opportunity.”