May 7, 2009
President Obama Releases His FY 2010 Budget Request to Congress
On Thursday, May 7, 2009, President Obama released the first portion of his detailed FY 2010 Budget.
Earlier in the year (on February 26, 2009), the President unveiled a $3 trillion-plus “Budget Blueprint” for fiscal year 2010, which signaled substantial investments in health care reform, renewable energy and education, and projected a 50 percent reduction in the federal deficit by the end of his first term.
The detailed budget is being released in two parts. On Thursday, May 7, 2009, the Office of Management and Budget (OMB) released the Appendix containing agency-by-agency requests for the fiscal year that begins Oct. 1 – along with a list of suggested program reductions or eliminations. Next week, the Administration will release the Analytical Perspectives section, which in the past has contained detailed discussions of revenue proposals, economic forecasts, research and development activities and federal government credit activities. OMB also will release historical and summary tables next week.
The President’s FY 2010 Budget includes $166.8 million in funding for NeighborWorks America, as follows:
- A base budget of $133 million, to continue to provide financial and programmatic support, including promoting energy efficiency and environmental sustainability, to affiliated NeighborWorks organizations and the broader community development field, as authorized by the Neighborhood Reinvestment Corporation Act (24 U.S.C. 801-8108); and
- An additional $33.8 million to continue the National Foreclosure Mitigation Counseling (NFMC) program, in response to what is expected to be a continuing foreclosure problem in FY 2010.
Ken Wade, CEO of NeighborWorks America, stated:
“The continuing mortgage crisis, and its impact on communities and the broader economic environment, has presented a series of challenges for NeighborWorks America. We have been honored to assist in the national response to the mortgage crisis as administrator of the National Foreclosure Mitigation Counseling (NFMC) program, authorized by Congress. Despite the unprecedented demands placed upon the corporation, FY 2008 has been a successful year for NeighborWorks America, and this success has continued into FY 2009.
"The funding proposed through the President’s budget provides continued support of NeighborWorks’ efforts to create opportunities for people to live in affordable homes (homeownership and rental), improve their lives and strengthen their communities – and is a reflection of the Administration’s support of the good work that is being carried out by NeighborWorks America and its local NeighborWorks affiliates across the country.”
See Neighborhood Reinvestment/NeighborWorks America’s detailed FY 2010 Budget Justification [PDF, 9.5 MB]
