MBA Weekly Survey: Strong refinance activity continues unabated
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MBA Weekly Survey: Strong refinance activity continues unabated

March 31, 2009

HUD spends nearly $3 billion to nation's public housing authorities to improve housingMortgagePress,comHUD, President Barack Obama, U.S. Department of Housing and Urban, Shaun Donovan
Just over a month after President Obama signed the American
Recovery and Reinvestment Act of 2009 into law, the U.S. Department
of Housing and Urban have announced that, subject to HUD approval,
public housing authorities can begin spending nearly $3 billion to
make significant improvements to tens of thousands of public
housing units nationwide. HUD is informing 3,122 local housing
authorities in all 50 states, the District of Columbia, Puerto Rico
and the U.S. Virgin Islands that spending can begin on a backlog of
previously underfunded capital improvement projects.
"President Obama has given us the mandate to put this money to
work quickly so it can make a real difference in the lives of
Americans," said HUD Secretary Shaun Donovan. "HUD is working
overtime to get this money to our housing authorities so they can
repair and produce critically needed affordable housing, create
jobs, and improve the quality of life for their residents."
Recovery Act funding provided through HUD's Public Housing
Capital Fund Program is effectively more than doubling the
Department's annual support of local housing authorities to improve
their public housing stock. Allocated through an established
formula, this funding will allow local housing agencies to address
the long-standing capital needs of public housing, create jobs, and
increase energy efficiency. HUD will shortly make an additional $1
billion available in capital funding that will be awarded to
housing authorities through a competition.
HUDs Capital Fund Program provides annual funding to public
housing authorities to develop, finance, and/or modernize the
public housing in their communities. This funding can be used to
make large-scale improvements such as new roofs and for the
replacement of plumbing and electrical systems to increase energy
efficiency.
For detailed information about the funding and specific funding
amounts to individual public housing agencies, click here.
For more information, visit www.hud.gov.

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