The following is a statement by National Association of Realtors® President Charles McMillan:
"As the leading advocate for housing and homeownership issues, NAR is pleased that President Barack Obama's 2010 budget, released today, includes increased funding for the U.S. Department of Housing and Urban Development and many of its important programs. HUD helps millions of families obtain affordable housing and makes safe affordable financing available to even more people.
"The president's budget provides necessary funding that will allow HUD and its agency, the Federal Housing Administration, to fulfill its mission of increasing homeownership, supporting innovative and sustainable community development and increasing access to affordable housing. FHA is the workhorse of the administration's housing and economic recovery efforts, and now more than ever, it is serving a critical purpose in helping move our nation out of the economic turmoil by providing safe and sound mortgage products to millions of Americans.
"FHA continues to fund its programs by the mortgage insurance premiums it collects. The president's fiscal year 2010 budget shows that FHA continues to operate without requiring a credit subsidy. At a time when many financial institutions are requiring assistance from the federal government, FHA continues to play a significant role in the recovery of the U.S. economy at no actuarial expense to the American taxpayer. It does not rely on taxpayer dollars and does not add risk to our nation's financial infrastructure. We look forward to working with the Obama administration to continue to improve FHA and the products and services it offers.
"Progress has been made in starting to bring stability to the housing market and we must all work together to continue moving forward. Our members are committed to assisting the president and his administration in these efforts."