The White House released its fiscal year (FY) 2012 budget of $3.73 trillion dollars that showed some programs affecting senior housing taking some cuts. The budget proposes over $1 trillion dollars in deficit reductions during the next decade. During FY 2012, the budget set forth shows reductions or eliminations of almost 200 federal programs which would provide cost savings of $33 billion. The budget outlines cuts affecting senior housing projects that include:
- a $60 million reduction for programs associated with Housing for the Elderly
- a $101 million reduction for programs associated with Housing for Persons with Disabilities
- A $300 million reductions in funding for Community Development Block Programs
- Funding for the Low Income Home Energy Assistance Program (LIHEAP) would drop by $2.5 billion to return to 2008 funding levels
- Drop by $56 million for the Green Retrofit Program for Multifamily Housing
Some programs will see funding increases that focus on providing greater assistance for programs associated with homelessness and with other projects for tenant and project based rental assistance. The budget also proposes a 3-year fix to the AMT that is paid for by an across-the board 30 percent reduction in itemized deductions for high-income taxpayers.
For the full Fiscal Year 2012 Budget of the U.S. Government