MBA Weekly Survey: Strong refinance activity continues unabated
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.