Today the U.S. Department of Treasury announced $268 million in American Recovery and Reinvestment Act (Recovery Act) funding to help spur the development of affordable housing in Indiana, Missouri, Tennessee and Washington, DC.
The U.S. Department of Housing and Urban Development and the Treasury Department have been implementing new efforts designed to help homeowners while providing important assistance to homebuilders. Today’s announcement is part of an innovative Treasury 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 housing crisis.
Under the program, state housing agencies are provided with the funding in order to construct affordable housing developments or renovate affordable housing.