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 Staff Reports
As part of the Obama administration’s effort to strengthen communities and ease pressures on the housing market, the U.S. Department of the Treasury today announced $309 million in American Recovery and Reinvestment Act (Recovery Act) funding to spur the development of affordable housing units in Arizona, Connecticut, North Carolina, North Dakota, Pennsylvania, South Carolina, and Vermont.
“Today’s announcement of housing funds demonstrates how the Recovery Act is putting our nation on the path to economic stability, one community at a time,” said Deputy Secretary of Treasury Neal Wolin. “This initiative will help spur construction and development, create much needed jobs, and increase the availability of affordable housing for families around the country.”
Since the program launch in May 2009, the Treasury Department and the
Department of Housing and Urban Development have been implementing new
efforts designed to help families while providing important assistance
to homebuilders.
Specifically, the Treasury Department has implemented an innovative
program that will provide more than $3 billion from the Recovery Act to
put people to work building quality, affordable housing for individuals
and families affected by the current crisis.
The Treasury Department will work with state housing agencies to
jump-start the development or renovation of qualified affordable
housing for families across the country. Under this program, state
housing agencies will receive funds to finance the construction of
affordable housing developments.
Today, the Treasury Department is announcing the sixth round of
recipients for a total of $309 million: $34 million in Arizona; $16
million in Connecticut; $95 million for North Carolina; $3.6 million
for North Dakota; $41 million in Pennsylvania; $118 million for South
Carolina; and $1.4 million in Vermont.
To view the terms and conditions for the Treasury application, or for further information on local projects, please contact:
North Carolina - Chris Austin, (919) 877-5662; South Carolina - Clayton Ingram, (803) 896-9520.
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