congress begins work on fiscal year 2025 budget

On March 11th, President Biden released his Fiscal Year 2025 budget requests, which included the following resources for affordable housing and economic development.

Expanding and enhancing the federal Housing Tax Credit by providing states additional 9 percent low income housing tax credits and reducing the bond financing threshold from 50 percent to 25 percent;
Permanently authorizing the New Markets Tax Credit with a $5 billion allocation;
Supporting project-based rental assistance with $16.7 billion in 2025 and legislative language allowing HUD to award cooperative agreements for project-based contract administrators through a Notice of Funding Opportunity;
$57.5 million to HUD for housing counseling, the same amount as FY2024;
$225 million to help preserve and revitalize manufactured housing in eligible communities through the Preservation and Reinvestment Initiative for Community Enhancement (PRICE) grant program; and
Supporting the creation of two refundable mortgage relief tax credits designed to help low- and middle-income families purchase homes and providing $10 billion for a new first-generation down payment assistance program.

For more information on federal legislative priorities for CHFA this budget season, visit our national trade association, the National Council of State Housing Agencies.