Barack Obama

HUD's FY2013 budget also reflects the need to ensure that America’s future isn’t built on a mountain of debt. As a down payment toward reducing the deficit, the 2011 Budget Control Act capped discretionary spending for the next ten years, cutting the deficit by $907 billion over 10 years and bringing non-security discretionary spending to the lowest share of the economy since President Eisenhower. HUD's proposed budget achieves substantial results for vulnerable people and distressed communities in the new fiscal environment. The budget:

•Maintains housing assistance for all families currently receiving rental subsidies;
•Serves almost 2.5 million families living in public housing and project-based Section 8 developments (over 60% elderly and disabled);
•Supports tenant-based vouchers for more than 2.2 million families (over 45% elderly and disabled);•Provides 10,000 new vouchers to homeless and funds 5,300 more supportive housing units for the elderly and disabled;
•Enables FHA and Ginnie Mae to continue crucial, temporary countercyclical role, with 1.2 million single family mortgages expected in 2013 and $239 billion in new GNMA guarantees;
•Brings private capital back to the market through FHA premium increases and other measures;
•Assists nearly 5.5 million households, over 82,000 more than at the end of fiscal year 2011; and
•Creates or retains 423,000 jobs directly and 360,000 more jobs indirectly.