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2018 HUD Budget Proposal Released by Trump Administration

The Trump Administration has announced its proposed 2018 budget for the U.S. Department of Housing and Urban Development (HUD), which includes up to $400 billion in new loan guarantee authority and making changes to strengthen Federal Housing Administration’s (FHA) Home Equity Conversion Mortgage (HECM) and $500 billion in new guarantee authority for Ginnie Mae. Further, $65.3 million in the budget were allocated to support HUD’s fair housing mission, which the department noted was the same funding level provided in the last three years. The proposal also provides $2.25 billion to help local communities meet the housing needs of homeless individuals and families.

Additionally $1.32 billion in budget has been set aside for internal operations of HUD, which includes $250 million for the department’s IT fund, including $10 million for cybersecurity and modernization investments to help local public housing authorities and managing risks in the FHA mortgage insurance programs. Another $30 million is targeted at an administrative fee to support the modernization of FHA’s aging systems, which includes the outdated COBOL programming language.

News Characteristics

Date : May 23, 2017
Region : North America
Industry : Mortgage Companies
Function : Regulation and Compliance
Sub-Function : Regulatory changes