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OMB’s Proposed Rural Housing Budget
A comparable process to the OMB passback has proceeded with the Department of Agriculture's Rural Housing Service (RHS). According to the best information available as we go to press, OMB recommended a freeze for the Section 515 rural rental housing program at the Fiscal Year 1997 funding level of $58 million. Budget authority for the Section 502 single-family direct loan program is proposed to be funded at the current-year rate of $83 million which yields $690 million in available funds. During consideration of the FY 1997 budget, it was projected that $83 million in budget authority would yield $1 billion in spending capacity due to low interest rates. In fact, this year's $83 million yielded $585 million, or only 41.5 percent of what was projected. Most other RHS programs are proposed to be maintained at their FY 1997 level. The HUD budget shifts some of the Section 515/Section 8 renewals to the Department of Agriculture budget. No information is yet available on RHS' appeal of the OMB passback.Back to this issue's Table of Contents.
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