White House Releases Proposed Budget for Fiscal Year 2027

On Friday, April 3, the White House released its Fiscal Year 2027 budget proposal, which suggests to Congress the preferred funding levels for a wide range of discretionary agency spending. The proposed budget includes significant cuts to the Department of Housing and Urban Development's (HUD) budget, including the elimination of the Community Development Block Grant (CDBG) and HOME Investment Partnerships programs, housing counseling assistance, and the Fair Housing Initiatives Program. It also proposes prohibiting public housing agencies from issuing new vouchers through the Housing Choice Voucher program, with limited exceptions.

The president's proposed budget is not policy; it is sent to the appropriators in Congress as a messaging document sharing the White House's spending priorities. The Appropriations Committees will consider its proposals but ultimately will develop their own budget to reflect their own priorities and those of their constituents. NAR is monitoring the budget-making process and actively advocating for the wide range of federal grants and programs used to support homebuyers, a healthy rental housing market, and REALTORS® around the country.