Government puts stimulus money to work on housing projects

06.27.09
By Lewis Green

Indiana, Missouri, Tennessee and Washington, D.C. residents are the latest to benefit from the government's massive spending bill.

The Treasury announced earlier this week that $268 million from the American Recovery and Reinvestment Act - also commonly referred to as the stimulus bill - would be funneled to affordable housing projects in the aforementioned states.

"This initiative will help spur construction and development, create much needed jobs, and increase the availability of affordable housing for families around the country," said Treasury deputy secretary Neal Wolin.

These funds are the second round of a series of awards doled out on a rolling application basis as part of the Obama administration's efforts to rescue the housing crisis that has affected so many American families.

Since the subprime mortgage meltdown that preceded the official onset of the recession, homeowners across the country have grappled with rising mortgage payments - as previously low home loan rates reset to higher levels - and faced losing their home to foreclosure.

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States set to receive affordable housing funds