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Treasury announces ARRA funds for affordable housing construction

Thursday, June 4, 2009

Treasury announced recovery funds for affordable housing in five states.
Treasury announced recovery funds for affordable housing in five states.

As part of the American Recovery and Reinvestment Act (ARRA), the treasury department has announced nearly $135 million in funding to spur the development of affordable housing units in Iowa, Maine, New Hampshire, Rhode Island and Washington.

The funding comes as part of a larger $3 billion program to boost the construction and construction equipment industries, provide more jobs and provide quality, affordable housing for individuals and families affected by the current economic and housing crisis.

Deputy secretary Neal Wolin said the initiative will "help to spur construction and development, create much needed jobs, and increase the availability of affordable housing for families around the country."

Houses currently under construction are at a 13-year low, down more than 60 percent from the peak in the first quarter of 2006, contributing to a loss of more than one million jobs, according to the Treasury.

The Treasury will work with state housing agencies to jump start the development or renovation of qualified affordable housing. Under this program, after meeting certain eligibility requirements, state housing agencies will receive funding to construct affordable housing developments.

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