Both the House and Senate Appropriations Committees recently issued their 302(b) allocations for the full fiscal year 2024 (FY24) budget. The 302(b) allocations establish the cap on spending for each of the 12 appropriations bills including the Transportation, Housing and Urban Development, and Related Agencies (THUD) Subcommittee.
The Senate's THUD FY24 302(b) allocations issued today are set at $88.091 billion, whereas the House's allocations are $65.208 billion, resulting in a $23 billion discrepancy between the two chambers. Senate appropriators agreed to keep FY24 funding for nondefense discretionary programs at fiscal year 2023 (FY23) levels, which is consistent with the recently passed Fiscal Responsibility Act. However, House appropriators decided to set their FY24 THUD topline allocations 25 percent below FY23 levels.
Given the large discrepancy between funding allocations, funding negotiations over the coming months are expected to be fraught with great contention. CLPHA will provide additional insights on the FY24 HUD budget in the coming weeks as we await release of the respective THUD subcommittee appropriations bills by both chambers.
June 22nd, 2023