Treasury Spends $4.1bn on Affordable Housing Programs
The amount of American Recovery and Reinvestment Act funds distributed to state agencies to promote affordable housing is running at nearly $4.1bn after the latest round of payouts, the Treasury Department said. Treasury launched the program in May to provide cash payments in lieu of tax credits to state housing agencies to spend on the development or renovation of qualified affordable housing. The state agencies then distribute the funds to developers through a competitive bidding process. “By uniting with state housing authorities, Treasury has made available more than $4bn to jump start housing development in communities around the country,” said Treasury deputy secretary Neal Wolin. “That investment has already resulted in hundreds of new construction jobs and new housing units for families in need of affordable alternatives.” The latest round of funds went to Arizona, Delaware, Georgia, Hawaii, Indiana, Michigan, Minnesota, New Mexico, Ohio, Pennsylvania, Texas and Utah. It marks the first time the Texas Department of Housing and Community Affairs received funds. So far, 50 state and territorial (District of Columbia, Puerto Rico and Virgin Islands) housing authorities received funds. Mississippi, New York and Wyoming are the only states that have not participated in the program. Write to Austin Kilgore.