The U.S. Department of the Treasury announced yesterday more than $4 billion of American Recovery and Reinvestment Act funds have been invested to spur development of affordable housing around the country.
Fifty housing authorities have received payments in lieu of tax credits to stimulate construction and completion of affordable housing projects. Vermont has been allotted $11.7 million of those funds.
"The Recovery Act has created innovative partnerships between federal and state governments to provide a much needed boost to local economies," Treasury Deputy Secretary Neal Wolin (pictured) said in yesterday's statement.
"That investment has already resulted in hundreds of new construction jobs and new housing units for families in need of affordable alternatives."
In May, the Treasury Department launched a program under Section 1602 of the Recovery Act to provide payments in lieu of tax credits to state housing agencies to jump start development and renovation of affordable housing for families.
Read the complete list of allocations at the Treasury Web site.