Treasury Announces $268M In Recovery Act Funds

t of the Obama administration's effort to create jobs and ease pressures on the housing market, the U.S. Department of the Treasury has made $268 million in American Recovery and Reinvestment Act funding available in Indiana, Missouri, Tennessee and Washington, D.C. The funds will be used to jump-start the development of affordable housing units. ‘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 Treasury Deputy Secretary Neal Wolin. Under this program, after meeting certain eligibility requirements, state housing agencies will receive funding to construct affordable housing developments. The funds are the second round in a series of awards based on a rolling application process. Their allocation is as follows: $164 million in Indiana, $17 million in Missouri, $53 million in Tennessee and $33.7 million in the District of Columbia. The Treasury anticipates making similar announcements in the coming weeks. SOURCE: T

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