Treasury Announces $486 Million In ARRA Funds For Affordable Housing

Posted by Orb Staff on July 13, 2009 No Comments
Categories : Residential Mortgage

S. Department of the Treasury has announced $486 million in American Recovery and Reinvestment Act (ARRA) funding to spur the development of affordable housing units in Alabama, Arkansas, Connecticut, Georgia, Louisiana, Maryland, Massachusetts, Montana, New Hampshire, New Mexico, the Virgin Islands 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,’ said Treasury Deputy Secretary Neal Wolin in a prepared statement. Under this program, after meeting certain eligibility requirements, state housing agencies will receive funding to construct affordable housing developments. The $486 million, which makes up the fourth round of ARRA funding, has been allocated as follows: $36 million in Alabama, $29 million in Arkansas, $34 million in Connecticut, $76 million in Georgia, $114 million in Louisiana, $44 million in Maryland, $51 million in Massachusetts, $16 million in Montana, $17 million in New Hampshire (bringing the state's ARRA funding total to nearly $28 million), $38 million in New Mexico, $20 million in the Virgin Islands and $10 million in Vermont. The Treasury says it anticipates making similar announcements in the coming weeks. SOURCE: T

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