Treasury Announces $309M In Funds For Affordable Housing

Posted by Orb Staff on August 27, 2009 No Comments
Categories : Residential Mortgage

The U.S. Department of the Treasury has announced $309 million in American Recovery and Reinvestment Act funding to spur the development of affordable-housing units in Arizona, Connecticut, North Carolina, North Dakota, Pennsylvania, South Carolina and Vermont.

‘This initiative will help spur construction and development, create much-needed jobs, and increase the availability of affordable housing for families around the country,’ says Deputy Secretary of Treasury Neal Wolin.

Since the program's launch in May, the Treasury Department and the Department of Housing and Urban Development have been implementing new efforts designed to help families, while providing assistance to home builders.

The Treasury will work with state housing agencies to jump-start the development or renovation of qualified affordable housing for families. Under this program, state housing agencies will receive funds to finance the construction of affordable-housing developments.

The $309 million allotment represents the sixth round of funding. Arizona receives $34 million, Connecticut receives $16 million, North Carolina nets $95 million, North Dakota gets $3.6 million, Pennsylvania gains $41 million, South Carolina receives $118 million and Vermont gets $4.1 million.

SOURCE: Treasury

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