Federal Reconciliation Package Rescinds Some GRRP Funds
(May 4, 2025) The U.S. House Financial Services Committee has complied with budget reconciliation instruction from H.J. Res. 14 – the House- and Senate-passed fiscal year 2025 budget resolution – and passed a bill on April 30th that would cut $1 billion in federal spending over the next 10 years by changing policies under the jurisdiction of the Committee.
The cuts would be packaged with cuts from other committees and used to offset around $1.5 billion of the $4.5-$5 trillion cost, over 10 years, of the overall budget reconciliation package, which would extend 2017 tax cuts, create new tax cuts, fund deportations, and provide increased funding for border security.
Among the Committee’s cuts is a recission of all unobligated funding from the U.S. Department of Housing and Urban Development’s (HUD) Green and Resilient Retrofit Program (GRRP). LeadingAge understands this means rescinding GRRP funding HUD would otherwise use for energy benchmarking and the hiring of needed staff to help administer the largest of the GRRP awards, which a judge recently ordered HUD to process and fund after a months-long pause in the program.
It is unclear how much the GRRP cuts would save. The bulk of the Committee’s spending cuts come from deep cuts to the Consumer Financial Protection Bureau.
During the Committee markup, Democrats offered 37 amendments, all of which were rejected. Among amendments offered was a broad affordable housing bill from Committee Ranking Member Maxine Waters (D-CA) to increase funding for HUD programs, including a more than $500 million program for capital awards, project-based Section 8 rental assistance, Service Coordinators, and connecting to supportive services and technical assistance for new Section 202 homes. Ranking Member Waters also offered an amendment to fully fund the 60,000 emergency housing vouchers provided during the pandemic and expected to be funded until around 2023, but whose funding is about to run out because rising rental costs used up the program’s funding much more quickly than expected.
“This Committee will do its part to reduce the deficit and decrease direct spending, so that Congress can enact pro-growth tax policies. I am eager to get to work and finally tackle these issues. And remember, today, we are here with one purpose, to do our part to put our nation back on a responsible fiscal trajectory,” Committee Chair French Hill (R-AR) said at the beginning of the markup.
Keep up with LeadingAge’s coverage of budget reconciliation in this serial post.
Contact: Annalyse Komoroske Denio, akomoroskedenio@leadingageny.org, 518-867-8866