Trump budget slashes HUD funding, but keeps FHA intact

Mortgage

WASHINGTON — President Trump’s budget released Thursday calls for slashing the Department of Housing and Urban Development’s funding by 13%, or $6.2 billion, compared with 2016 levels, a blow to many bankers who say affordable housing programs and other HUD initiatives are vital to their work.

The president wants to go after “wasteful programs, duplicative programs, programs that simply don’t work,” Mick Mulvaney, director of the Office of Management and Budget, said Thursday during a conference call with reporters. “We’ve spent a lot of money on Housing and Urban Development over the last decades without a lot to show for it. Certainly there are some successes, but there’s a lot of programs that simply cannot justify their existence, and that’s where we zeroed in.”

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