White House Budget Released
Today, the White House released the full details of its FY 2022 Budget Proposal. The White House proposed $330 million for the CDFI Fund, a $60 million increase from the FY 2021 level of $270 million. We already knew the topline number of $330 million, but the budget sheds new light on program funding levels.
*The White House also proposed an additional, one-time investment of $12 billion for the Capital Magnet Fund through the American Jobs Plan and proposes to make the NMTC permanent at $5 billion in annual authority and index it for inflation.
Other Community Development Proposals in the FY22 Budget and American Jobs Plan (AJP)
- Community Revitalization Fund: $10 billion for a new Community Revitalization Fund to support community-led redevelopment investments (AJP)
- Main Street Revitalization Program: $250 million for renovating downtown business districts in small towns and creating affordable housing (AJP)
- CDBG Climate Resilience Program: $2 billion for a new CDBG program for climate resilience (AJP) and $3.6 billion for regular CDBG through FY 22 appropriations.
- Low Income Housing Tax Credit: $55 billion in additional LIHTC authority (AJP)
- Housing Trust Fund: $45 billion (AJP) plus $9 billion in the FY 22 budget.
- Public Housing Fund: $40 billion (AJP) plus $8.575 billion in FY 22 appropriations.
- HOME Investment Partnerships Program: $35 billion (AJP), plus $1.85 billion in FY 2022 appropriations.
- Neighborhood Homes Investment Act: $20 billion for a new tax credit for construction and rehabilitation of affordable homes (AJP).