I am proud to present the Fiscal Year 2010 proposed HUD budget. As President Obama has said, "The time has come to usher in a new era- a new era of responsibility in which we act not only to save and create new jobs, but also to lay a new foundation of growth upon which we can renew the promise of America."
The HUD budget will put in place systemic reform and policy innovation, and harness private sector capital and talent as well as new kinds of partnership and collaboration to respond to the nation's housing crisis, address new national priorities, and change the way HUD does business.
Our proposal focuses on responsibility, effectiveness and transparency. The proposed 2010 budget exercises strong fiscal discipline, consolidating or eliminating 27 programs and activities, and investing in initiatives to increase transparency and accountability. We are cutting or consolidating programs that don't work and instead, investing in programs that do work.
The budget will allow HUD to effectively respond to the housing crisis through new efforts to strengthen FHA, curb mortgage abuse and predatory practices, and increase counseling for homeowners at risk of foreclosure. Importantly, HUD will not be asking taxpayers to support FHA's single family program in the 2010 budget. The budget will also help HUD shape new markets and methods in the production and preservation of affordable housing, the "greening" of residential housing, the regeneration of high poverty neighborhoods and the promotion of sustainable growth.
The budget reflects the new era of responsibility ushered in by President Obama. We went line by line, to see where we could cut spending in order to invest in effective programs that contribute to our nation's long term economic growth and recovery. This budget addresses the nation's current housing crisis by finding savings and making targeted investments to help grow the economy and keep people in their homes.
The President and I very much look forward to working with members of Congress and our partners in the housing community to set out how this budget constitutes a crucial step towards a broad transformation and renewal of HUD.