The Mortgage Bankers Association recently urged lawmakers to pass spending legislation concerning the U.S. Department of Housing and Urban Development (HUD).

This followed a subcommittee of the House of Representatives passing legislation in February that was about $1.9 billion below the amount requested by the administration. The House of Representatives recently approved funding for HUD for 2013, including some restrictions on how the agency can use the funding. Funding allotted for the department is lower than this year, but several cuts were voted down before the bill's passage.

The bill still requires Senate approval before it can move on to be signed into law. HUD officials have noted concerns about their funding in recent years. The department's funding supports activities including housing counseling, support for renters of affordable housing and more.

Real estate industry stakeholders including investors, rental property management firms, realtors and others will be affected by the final form of the law when it does pass.