President Donald Trump’s budget calls for sharply reducing funding to programs that shelter the poor and combat homelessness — with a notable exception: It leaves intact the type of federal housing subsidy that is paid directly to private landlords.

One of those landlords is Trump himself, who earns millions of dollars each year as a part-owner of Starrett City, the nation’s largest subsidized housing complex. Trump’s 4 percent stake in the Brooklyn housing complex earned him at least $5 million between January of last year and April 15, according to his financial disclosure.

Trump’s business empire intersects with government in countless ways, from taxation to permitting to the issuing of patents, but the housing subsidy is one of the clearest examples of the conflicts experts have predicted. While there is no indication that Trump himself was involved in the decision, it is nonetheless a stark illustration of how his financial interests can directly rise or fall on the policies of his administration.

The federal government has paid the partnership that owns Starrett City more than $490 million in rent subsidies since May 2013, according to figures provided by a spokesman for the Department of Housing and Urban Development. Nearly $38 million of that has come since Trump took office in January.

That subsidy generates steady income for Trump and his siblings, each of whom inherited an interest in the property when their father died. Although it represents a small portion of his overall wealth, it is one of the few examples of money the president derives directly from the federal government he oversees.

HUD, meanwhile, has come under fire in recent days after news of the expected nominee to lead the department in the New York region: Lynne Patton, an event planner who has no professional experience in housing but who is a former vice president of Eric Trump’s foundation and who helped plan his wedding.

The administration’s decisions on housing programs were not influenced by Trump’s interest in Starrett City, HUD spokesman Jereon Brown said Tuesday. Several experts said cutting the subsidy paid directly to landlords can be politically difficult, in part because many beneficiaries of that type of subsidized housing are elderly and in part because landlords are more likely to be politically organized.

Starrett City is a complex of 46 brick towers that stretches across 150 acres just to the west of New York’s John F. Kennedy Airport. It was built in the mid-1970s and houses nearly 15,000 people. Trump once called Starrett City “one of the best investments I ever made,” but it was his father who was an investor in its construction, according to a representative of Starrett City.

“Upon Fred Trump’s death, his four children inherited his interests,” Bob Liff, a spokesman for Starrett City Associates, the partnership that owns the complex, said in a statement to The Washington Post.