WASHINGTON – U.S. Housing and Urban Development Secretary Shaun Donovan today announced that HUD is approving plans submitted by state housing finance agencies for $1,035,322,485 to jump start affordable housing programs in states throughout the country that are currently stalled due to the economic recession. Funded through American Recovery and Reinvestment Act of 2009 (Recovery Act), HUD’s new Tax Credit Assistance Program (TCAP) will allow 26 state housing finance agencies to resume funding of affordable rental housing projects across the nation while stimulating employment in the hard-hit construction trades.
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http://www.clarksvilleonline.com/2009/07/06/hud-allocates-over-1-billion-in-to-jump-start-affordable-housing-construction-in-26-states/
While in other news, apartment vacancies hit new records? Does it make sense to put people to work building more of what we have too much of?