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PRESIDENT SENDS BUDGET AMENDMENTS TO CONGRESS FOR HUD AND SBA
The President has sent fiscal year 1996 budget amendments to the
Congress for the Department of Housing and Urban Development (HUD) and
the Small Business Administration (SBA). These amendments are a part
of the second phase of the Administration's efforts to Reinvent
Government and would produce savings of $1.4 billion in FY 1996 budget
authority.
The proposals include the following:
Department of Housing and Urban Development
Savings of $1.155 billion in the Housing Certificates
for Families and Individuals Performance Funds
program. This proposal results from the repricing of
Incremental Rental Assistance and Section 8 Contract
Renewals and further refining of the estimates of
HUD's reinvention initiatives, including the Public
Housing Transformation and multi-family Mark-to-Market
proposals.
Small Business Administration
Savings of $200 million in the business loans program.
This amendment would reduce the Government's subsidy
cost to zero for the section 7(a) and the 504 loan
guarantee programs.
Savings of $24 million in salaries and related
expenses. This proposal reflects savings associated
with the reduction of staffing levels, consolidation
of field offices, and relocation of some headquarters
functions. Under this proposal, SBA would continue
to fulfill its mission more efficiently under a new,
streamlined organizational structure.
Savings of $3 million in the Surety Bond Guarantee
program. These savings would result from shifting
a small portion of the cost of the program to its
beneficiaries.