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Treasury Surpasses $4B Milestone in Recovery Act Funds to Create Jobs, Provide Affordable Housing

Wednesday, December 23, 2009  
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TREASURY SURPASSES $4 BILLION MILESTONE IN RECOVERY ACT FUNDS TO CREATE JOBS, PROVIDE AFFORDABLE HOUSING

To Date, 50 State Housing Authorities Receive Funds Under 1602 Program

WASHINGTON – As part of the Obama Administration's effort to strengthen communities and ease pressures on the housing market, the U.S. Department of the Treasury today announced that the American Recovery and Reinvestment Act (Recovery Act) has now provided more than $4 billion in funding to spur the development of affordable housing around the country. To date, 50 state and territorial housing authorities have received payments in lieu of tax credits to stimulate the construction and completion of affordable housing projects, including awards in this round made to Arizona, Delaware, Georgia, Hawaii, Indiana, Michigan, Minnesota, New Mexico, Ohio, Pennsylvania, and Utah with Texas being a first time recipient.

"The Recovery Act has created innovative partnerships between federal and state governments to provide a much needed boost to local economies,” said Treasury Deputy Secretary Neal Wolin.  "By uniting with state housing authorities, Treasury has made available more than $4 billion to jump start housing development in communities around the country. That investment has already resulted in hundreds of new construction jobs and new housing units for families in need of affordable alternatives.”

In May 2009, the Treasury Department launched an innovative program under section 1602 of the Recovery Act to provide payments in lieu of tax credits to state housing agencies to jump start the development or renovation of qualified affordable housing for families across the country.  Upon receiving notice of these allocations, state housing authorities manage a competitive process to disburse funds to qualified developers. This is an ongoing program open to additional state applications.

The following is a complete list of funds awarded to states under the program. Awards appearing in italics designate states receiving funds in the latest round of awards.

 

Housing Agency

Amount Awarded

Alabama Housing Finance Authority

$36,456,058

Alaska Housing Finance Corporation

$14,346,267

Arizona Department of Housing

$34,375,088

Arkansas Development Finance Authority

$29,170,283

California Tax Credit Allocation Committee

$283,796,725

Colorado Housing and Finance Authority

$17,823,862

Connecticut Housing Finance Authority

$55,674,397

Delaware State Housing Authority

$20,550,433

DC Department Housing & Community Development

$33,770,695

Florida Housing Finance Corporation

$580,096,634

Georgia Housing and Finance Authority

$195,559,945

Hawaii Housing Finance and Development Corporation

$41,129,690

Idaho Housing and Finance Association

$25,414,641

Illinois Housing Development Authority

$53,395,657

IN Housing and Community Development Authority

$235,961,875

Iowa Finance Authority

$72,772,712

Kansas Housing Resources Corporation

$45,311,378

Kentucky Housing Corporation

$20,603,594

Louisiana Housing Finance Agency

$114,065,141

Maine State Housing Authority

$14,413,347

MD Community Development Administration

$79,212,812

MA Department of Housing & Community Development

$106,035,450

Michigan State Housing Development Authority

$285,935,362

Minnesota Housing Finance Agency

$58,663,115

Missouri Housing Development Commission

$17,000,000

Montana Board of Housing

$17,825,674

Nebraska Investment Finance Authority

$3,676,241

Nevada Housing Division

$46,700,055

New Hampshire Housing Finance Authority

$27,713,062

New Jersey Housing and Mortgage Finance Agency

$74,412,967

New Mexico Mortgage Finance Authority

$47,777,169

North Carolina Housing Finance Agency

$95,000,000

North Dakota Housing Finance Agency

$3,668,685

Ohio Housing Finance Agency

$54,007,515

Oklahoma Housing Finance Agency

$25,000,000

Oregon Housing and Community Services

$13,316,286

Pennsylvania Housing Finance Agency

$130,456,285

Puerto Rico Housing Finance Authority

$158,920,948

Rhode Island Housing and Mortgage Finance Agency

$36,891,061

SC State Housing Finance & Development Authority

$118,019,355

South Dakota Housing Development Authority

$7,756,896

Tennessee Housing Development Agency

$53,035,205

Texas Department of Housing and Community Affairs

$333,226,792

Utah Housing Corporation

$4,844,474

Vermont Housing Finance Agency

$11,701,366

Virgin Islands Housing Finance Authority

$20,246,499

Virginia Housing Development Authority

$112,488,313

Washington State Housing Finance Commission

$57,377,373

West Virginia Housing Development Fund

$25,165,944

Wisconsin Housing & Economic Development Authority

$139,572,351

Total

$4,090,335,677

 

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