The Council of Economic Advisers recently released a report on the $13.61 billion of funding for HUD from the American Recovery and Reinvestment Act of 2009 (ARRA).
The Council of Economic Advisers noted the following 5 facts about HUD’s portion of ARRA funding:
- HUD allocated 75 percent within 8 days of the President’s signing the act. The remaining funds were awarded through a competitive process,
- $2 billion was appropriated for HUD’s Neighborhood Stabilization Program (NSP), which helped some of the areas hardest hit by the recession through the purchase and redevelopment of foreclosed and abandoned homes. Fifty-six (56) nonprofits and state and local governments received these funds helping them create half of the 27,644 planned housing units today and creating 25,100 jobs,
- The Homelessness Prevention and Rapid Re-housing Program received $1.5 billion which helped more than 1.3 million individuals or families avoid homelessness or obtain housing after becoming homeless. Approximately 87% of the households left the program and became permanent housing,
- Via the $4 billion Public Housing Capital Fund, HUD helped to increase energy efficiency in the public housing inventory (53,000 energy efficiency units completed), and
- HUD’s Green Retrofit Program provided $250 million in grants and low-cost loans for affordable housing owner/developers in 37 states. More than 19,000 units at 221 properties were retrofitted and the developments have saved $5 million in annual utility costs.
TCAM continues to track the latest on funding for federal housing programs and its impact on the national affordable housing stock. For the latest updates, contact Allen Feliz (afeliz@tcamre.com) — (617) 542-1200.