The Operating Budget for the Department of Housing and Urban Development

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Table of Contents

Submission Process
Budget Format
Revenue Sources
Challenges
Federal and State Submission Process
References

The Department of Housing and Urban Development (HUD) was initially investigated for a significant amount of time by the United States Congress. Housing and urban development programs run by the federal government in the United States have come together to form the Department of Housing and Urban Development. In the end, the successful completion of initiatives and projects focused on development will make it easier for the private sector to accomplish its objectives. For instance, Mississippi received a $5.058 billion allocation from HUD as a consequence of the $11.5 billion federal appropriation under HR 2863 (Mississippi Public Housing Program, n.d.).

It encourages efficient regional collaboration in the community, global economic initiatives, and the planning of projects. In order to accomplish the Department’s goals, it is vital to encourage and facilitate full engagement with all the other relevant sectors. The procedure for submitting the development plan will be discussed during the review; in a similar vein, the paper examines the structure of the Department’s budget and the difficulties associated with funding.

Submission Process

Department of Housing and Urban Development

It is worth noting that many estates do not require regular probate; under state law, many estates qualify as “small estates,” even if they contain considerable assets (Liberman et al., 2019). In such instances, survivors may be able to avoid coming to court by using a more straightforward probate process, perhaps transferring property even without appearing in court. The following is a list of the processes that must be taken in order to acquire a home in the state of Mississippi, located in the United States.

Requisition of Appointment as Executor

When someone wants to put a will through probate, they must first ask the probate court to designate them as the will’s executor or personal representative, depending on the terminology used in their state. These petitions are often filed with the county probate court at the decedent’s last residence. If the will has not been filed to the court, a will probate application, a death certificate, and the actual will must be provided. This will be handled in the individual’s county of residence at the time of death.

Exploration of the First Probate Hearing

Anyone with issues with the appointed executor will have an opportunity to do so at a hearing scheduled by the court in charge of the estate’s administration. Formal legal notice must be sent to the state beneficiaries mentioned in the will and the heirs per the state’s laws before the hearing occurs. In addition, the public is made aware of the situation by having a legal notice published in a regional newspaper and sending warnings to those known to owe money.

Attendance at the hearings is often not essential since it serves only as a formality most of the time. If the petition is accepted, the court will release a document that names one individual to act as the estate’s representative in matters of law. If the request is not granted, the court will not make the document available (Liberman et al., 2019). These legal papers are referred to by their respective titles, which include Powers of Attorney, Certificates of Testamentary Administration, and Certificates of Administration.

Posting a Bond

The probate tribunal may require one to submit a bond, a sort of insurance protection that safeguards the estate against losses caused by one up to a specific monetary amount.

Settling Debts and Taxes

Returns and bills accrued are settled before any transaction takes place. Federal and state income tax returns must be filed if the estate gets more than a certain amount of money throughout the probate procedure.

Transactional Stage

If the estate receives more than a certain amount of income during the probate process, the estate must file federal and state income tax returns.

Budget Format

Simply determining projected income and expenses is not enough for complete financial planning. It is a procedure involving law enforcement officers establishing objectives and designing strategies to attain those goals to achieve financial success. In other words, a budget is a rational plan that defines where the money will come from, how much will be spent, and how much will be consumed throughout the given period. A financial plan for a certain period is called a budget. The method of capital budgeting is used as the basis for the Department’s overall budget structure.

Commercial real estate transactions necessitate planning for both the property owner and tenant. It is crucial to consider the future while making decisions concerning the present and the immediate future. Therefore, Mississippi’s Government budget format can be considered a Balanced Budget because public housing budgeting and facilities planning are stable methodologies when creating long-term budget goals. The capital expenditures budget should cover all expected costs over the following years. Expenditures and investments planned for the future will be evaluated, as will the frequency and scope of maintenance and upgrade work required.

Revenue Sources

Public housing is designed to offer affordable rental homes for low-income families, the elderly, and those with disabilities. The U.S. Department of Housing and Urban Development (HUD) typically delivers Federal funds to local home organizations that manage housing for low-income individuals at affordable rents. In all but three years since 2000, the federal government has supplied less funding than agencies were entitled to under the operating fund, resulting in pro rata cutbacks in the primary agency’s budget (Horn et al., 2021). The Homeowner Assistance Grant Program, a Grant Program to Local Governments for construction and permitting authorities, and the formation of an Office of Fraud Prevention and Investigations comprised the partial action plan, which constituted $3.560 billion of the State’s $5.058 billion budget (Mississippi Public Housing Program, n.d.).

An unfulfilled renovation backlog has resulted from insufficient capital investment. However, there are several agencies in the state of Mississippi that manage housing units in the local area. For instance, South Delta Regional Housing Authority manages affordable houses in five Mississippi counties. The agency aims to hike rents to levels that more than quadruple the rent across the board, regardless of income level. Another state agency is Mississippi Affordable Housing Development Fund which provides loans for rental property construction, pre-development, and restoration.

Challenges

Insufficient Funds

The laws of Mississippi allow any municipality, county, or group of counties to establish a public housing authority for the purpose of providing decent, safe, and sanitary living accommodations for low and very low-income residents who would not have access to such housing without some form of assistance. Housing Authorities have traditionally created, owned, operated, and managed multifamily buildings, relying heavily on HUD for development funding, maintenance money, rental assistance, and operating subsidies. Individual Annual Contribution Contracts between individual Housing Authorities and HUD outline contractual agreements.

Housing Authorities are also empowered by legislation to form a subsidiary nonprofit company to promote housing and community development in their regions of operation. For Mississippi housing funds, the competition comes from various sorts of investments, such as cheaper commercial spaces, luxury sections, and high-end residences, all of which are perceived to give quick and consistent returns on investment.

Deficiency of Housing Regulations

State municipalities retain limited control over their operations, leading to considerable cost rises and poor planning due to variations in decentralization processes and approaches to urban planning (Jahan & Hamidi, 2019). However, several different ministries are intimately involved in planning housing policies, and urban planning generally tends to work with several different goals and incentives, making it more challenging to formulate and implement comprehensive housing policies. Furthermore, it is a challenging effort to adopt comprehensive housing standards.

Federal and State Submission Process

Judicial, legislative, and executive power are split across the levels of government at the state and federal levels. Even though the Constitution mandates that every state be allowed a separate and democratic unit of government, the branch organization is not required. A fiscal shortfall arises when budget commitments exceed budget earnings, one of the most critical differences between the federal budget and state and local economies. It is also one of the essential differences overall; the finances of state municipalities must stay supportive.

References

Horn, K., Johnson, S. B., Patiño, S. R. G., Krost, K., Gray, T., Dearfield, C., & Bernat, D. (2021). Implementation of the Department of housing and urban development’s smoke-free rule: a socio-ecological qualitative assessment of administrator and resident perceptions. International Journal of Environmental Research and Public Health, 18(17), 8908. Web.

Jahan, J., & Hamidi, S. (2019). A National study on transportation affordability of hud housing assistance programs. Sustainability, 12(1), 123. Web.

Liberman, A., Cunningham, M., Gillespie, S., Batko, S., Eldridge, M., DuBois, N., & Walsh, K. (2019). Evaluation of the hud-doj pay for success permanent supportive housing demonstration: Year 2 report. US Department of Housing and Urban Development Office of Policy Development and Research. Web.

Mississippi Public Housing Program. (n.d.). Mississippi Development Authority Public Housing Program: CDBG Disaster Recovery Action Plan Amendment 1. Web.

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