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Twenty-six states will share in more than $1 billion designed to stimulats the production of thousands ofhousiny units, which will create jobs through the Americahn Recovery and Reinvestment Act of 2009. The 'sd new Tax Credit Assistance Program will allow 26 statwe housing finance agencies to resume funding for affordable rentalhousingh projects. “The funding beingy announced today is an importany step in achieving the goal of putting the American peoplde back to work whileproviding quality, affordables housing options for low-income families at a time when those optionsa are needed more than ever,” says U.S.
Housing and Urba n Development Secretary Shaun The contraction of the credirt market has caused as manyas 1,000 projects containing nearly 150,000 housinfg units to be put on hold. The tax credits are designed to provide an incentive for investors to provide capitall to developers tobuild multi-family rental housing for moderate- and low-income families across the nation. The recovery act establishes deadlines to spen the grant funds and requires housingb agencies to start projects that can begij immediately and completedby Feb. 16, 2012.
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