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OFFICIAL MAGAZINE OF THE NATIONAL ASSOCIATION OF REALTORS®

Daily Real Estate News  |  May 7, 2009  |   NAR Supports HUD Funding in 2010 Budget
President Barack Obama's 2010 budget, which was released Thursday, included an increase in funding for the U.S. Department of Housing and Urban Development--a pleasing sign to the National Association of REALTORS.

The extra funding will allow HUD and its agency, FHA, to fulfill its mission of increasing homeownership, supporting innovative and sustainable community development, and increasing access to affordable housing, NAR said.

"FHA is the workhorse of the administration’s housing and economic recovery efforts, and now more than ever, it is serving a critical purpose in helping move our nation out of the economic turmoil by providing safe and sound mortgage products to millions of Americans," said NAR President Charles McMillan in a statement.

FHA continues to fund its programs by the mortgage insurance premiums it collects. The president’s fiscal year 2010 budget shows that FHA continues to operate without requiring a credit subsidy.

"At a time when many financial institutions are requiring assistance from the federal government, FHA continues to play a significant role in the recovery of the U.S. economy at no actuarial expense to the American taxpayer," McMillan said. "It does not rely on taxpayer dollars and does not add risk to our nation’s financial infrastructure."

Source: NAR

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