Former HUD Secretary Julián Castro ends presidential bid

By Housing News

Former secretary of the Department of Housing and Urban Development Julián Castro announced Thursday that he is ending his presidential campaign bid.

The Democratic candidate said in October that he could soon see a drop out of the race if he didn’t raise enough money.

Castro said his campaign needed to raise at least $800,000 by October 31st in order to keep running.

“I’m so proud of everything we’ve accomplished together. I’m going to keep fighting for an America where everyone counts—I hope you’ll join me in that fight,” Castro said in his Twitter announcement.

Castro, the only Latino candidate in this pool, announced his candidacy last January in his hometown of San Antonio, Texas.

Castro was mayor of San Antonio for five years before joining the Obama Administration in June 2014 to replace outgoing HUD Secretary Shaun Donovan.

Donovan went on to serve as the director of the Office of Management and Budget.

Castro was the second Democrat to join the race for president, but according to CNN, Castro also failed to raise enough money to qualify for the November and December Democratic debates.

Candidates must register at least 3% in four national polls, or at least 5% in two early state polls, and have at least 165,000 unique donors with at least 600 coming from 20 different states in order to participate in debates.

The Castro campaign also announced in November that he was laying off all their staff in New Hampshire and South Carolina in an effort to downsize and focus entirely on Iowa, Nevada and Texas.

Given his background in housing, it came as no surprise thatCastro had a strong stance on housing in the election, saying housing is a human right.

Castro said he had a goal to invest an additional $40 billion in annual funding for the national Housing Trust Fund, expand the Low Income Housing Tax Credit by $4 billion and guarantee right to counsel for those facing eviction if he were elected.

Castro also proposed to create a renter’s tax credit for individuals with incomes up to the area’s median income, which would be paid monthly and could be used for a down payment on a mortgage. This would have also expanded access to the Housing Choice Vouchers by creating an exemption for eligible income based on student loan payments.


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