Treasury and HUD announce funding for affordable housing units
Kansas, Michigan, Wisconsin and Ohio projects to get funding
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PrintThe U.S. Department of the Treasury announced more than $330 million in American Recovery and Reinvestment Act (Recovery Act) funding for the development of affordable housing units in Kansas, Michigan, Ohio, Wisconsin, and Puerto Rico. In addition to this, the Department of Housing and Urban Development (HUD) also announced $83 million for housing development in Ohio.
The Treasury and HUD programs are part of two initiatives that will provide more than $5 billion from the Recovery Act to build quality, affordable housing for individuals and families affected by the current crisis. These initiatives are expected to create jobs in the housing sector, as well.
The Treasury Department plans to work with state housing agencies to provide $3 billion in funding for the development or renovation of qualified affordable housing for families across the country. In addition, HUD plan to award $2.25 billion in grants to state housing credit agencies under the Tax Credit Assistance Program (TCAP) program to complete construction of qualified housing developments. This program is expected to provide affordable housing to at least 35,000 low-income households.
As part of these programs the Treasury announced the first round of recipients: $115 million in Wisconsin; $99 million in Puerto Rico; $78 million in Michigan; $23 million in Kansas; and $21 million in Ohio. While HUD announced the first round of recipients: $83 million in Ohio.
The following are examples of specific local projects the Treasury funds will support:
- Osawatomie, Kansas. The funds are for construction on an elderly low-income housing project - 24 families to be provided affordable housing. The Kansas Housing Resources Corporation anticipates that jobs will be created for plumbers, landscapers, electricians, general contractors, and painters.
- Detroit, Michigan. Among the project the Michigan State Housing Development Authority expects to fund is Across the Park Apartments, a $13 million preservation effort to restore and modernize a federally assisted development in the City of Detroit. Plans include renovating all 200 housing units, including energy efficiency upgrades. The project is expected to create construction jobs and full-time property management jobs.
- Canton, Ohio. The housing award fund is for construction of Gateway House II, a new 40-unit permanent housing project in Canton, Ohio, to serve Stark County's population. The project expects to provide jobs for contractors, electricians, plumbers, painters, roofers, and landscapers.
