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Lend America receives H4H unconditional lender insurance approval and launches RefiPortfilio.com

National Mortgage Professional
May 10, 2009

HUD makes nearly $1 billion available in Recovery Act funds to improve public housingMortgagePress.comHUD, public housing, American Recovery and Reinvestment Act of 2009 U.S. Department of Housing and Urban Development (HUD) Secretary Shaun Donovan has announced that HUD is offering nearly $1 billion to make substantial improvements to thousands of public housing units nationwide. The Public Housing Capital Funds being offered today are provided through The American Recovery and Reinvestment Act of 2009 (Recovery Act) and are designed to help selected public housing authorities improve the quality of their housing stock, promote energy efficiency and create jobs. In March, HUD allocated nearly $3 billion in Recovery Act funding to more than 3,100 public housing authorities across the U.S. Distributed by formula, that funding is already being put to work to improve public housing and create safer, more livable environments for lower income residents. This additional $1 billion will be awarded competitively. "Today we are making another substantial investment to improve public housing in America and to create jobs and grow local economies," said HUD Secretary Shaun Donovan. "The funding in the Recovery Act signed by President Obama will give local housing agencies the resources they need to provide quality housing, especially for the elderly and persons living with disabilities. These funds will also help to transform distressed public housing projects, improve energy efficiency and lower the operating costs for housing authorities." Public Housing Capital Funding will be awarded competitively through a Notice of Funding Availability (NOFA) that can be accessed on HUD's Recovery Act website. HUD will accept applications from public housing authorities from June 1 until July 21, 2009 for the Energy Efficiency funding category and from June 1 until August 18, 2009 for the other three funding categories. HUD will review and award grants to PHAs that effectively address the requirements in the NOFA for the following four funding categories: • Energy Efficiency: $600 million is available for PHAs to create more energy efficient public housing units.Applications are due for this category on July 21, 2009. • Financing Stalled Projects: $200 million is available to allow PHAs to develop or renovate public housing projects stalled due to lack of resources. • Public Housing Transformation: $100 million is available to transform obsolete public housing projects into newly built or renovated developments. • Housing for the Elderly/Persons with Disabilities: $95 million is available to improve public housing units and create community facilities for the delivery of medical and other services to this vulnerable population. HUD's 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 more information, visit www.hud.gov.
Published
May 10, 2009
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