Calif. Gets $284m to Boost Affordable Housing : HousingWire || financial news for the mortgage market
The Treasury Department announced the allocation of nearly $284m in American Recovery and Reinvestment Act to spur affordable housing development in California.
The funds are the latest in more than $3.1bn given to housing agencies in 45 states and Puerto Rico in lieu of tax credits to fund affordable housing projects.
“This innovative Recovery Act program allows the federal government to partner with states to support local developers and helps ensure that housing developers can access the financing necessary to build affordable housing,” said Treasury deputy secretary Neal Wolin.
“We have worked quickly to make available more than $3 billion to state housing agencies, and we expect to see continued efforts at the state level, so that these funds can be delivered to the communities that need it most,” Wolin added.
The program began in May, and after state housing agencies are notified they will receive funds, each agency manages a competitive process for disbursing the funds to developers.
Florida is the leading recipient of funds, with more than $580m given to the state’s housing agency. North Dakota received the least among participating states, with about $3.7m given.
Write to Austin Kilgore.