October 24, 2016
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Treasury Surpasses $4 Bil In Recovery Act Funds To Provide Affordable Housing


To Date, 50 State Housing Authorities Receive Funds Under 1602 Program

WASHINGTON – As part of the Obama Administration's effort to strengthen communities and ease pressures on the housing market, the U.S. Department of the Treasury today announced that the American Recovery and Reinvestment Act (Recovery Act) has now provided more than $4 billion in funding to spur the development of affordable housing around the country. To date, 50 state and territorial housing authorities have received payments in lieu of tax credits to stimulate the construction and completion of affordable housing projects, including awards in this round made to Arizona, Delaware, Georgia, Hawaii, Indiana, Michigan, Minnesota, New Mexico, Ohio, Pennsylvania, and Utah with Texas being a first time recipient.

“The Recovery Act has created innovative partnerships between federal and state governments to provide a much needed boost to local economies,” said Treasury Deputy Secretary Neal Wolin.  “By uniting with state housing authorities, Treasury has made available more than $4 billion to jump start housing development in communities around the country. That investment has already resulted in hundreds of new construction jobs and new housing units for families in need of affordable alternatives.”

In May 2009, the Treasury Department launched an innovative program under section 1602 of the Recovery Act to provide payments in lieu of tax credits to state housing agencies to jump start the development or renovation of qualified affordable housing for families across the country.  Upon receiving notice of these allocations, state housing authorities manage a competitive process to disburse funds to qualified developers. This is an ongoing program open to additional state applications.

The following is a complete list of funds awarded to states under the program. Awards appearing in italics designate states receiving funds in the latest round of awards.


Housing Agency

Amount Awarded

Alabama Housing Finance Authority


Alaska Housing Finance Corporation


Arizona Department of Housing


Arkansas Development Finance Authority


California Tax Credit Allocation Committee


Colorado Housing and Finance Authority


Connecticut Housing Finance Authority


Delaware State Housing Authority


DC Department Housing & Community Development


Florida Housing Finance Corporation


Georgia Housing and Finance Authority


Hawaii Housing Finance and Development Corporation


Idaho Housing and Finance Association


Illinois Housing Development Authority


IN Housing and Community Development Authority


Iowa Finance Authority


Kansas Housing Resources Corporation


Kentucky Housing Corporation


Louisiana Housing Finance Agency


Maine State Housing Authority


MD Community Development Administration


MA Department of Housing & Community Development


Michigan State Housing Development Authority


Minnesota Housing Finance Agency


Missouri Housing Development Commission


Montana Board of Housing


Nebraska Investment Finance Authority


Nevada Housing Division


New Hampshire Housing Finance Authority


New Jersey Housing and Mortgage Finance Agency


New Mexico Mortgage Finance Authority


North Carolina Housing Finance Agency


North Dakota Housing Finance Agency


Ohio Housing Finance Agency



STORY TAGS: recovery, act, funds, funding, funded, affordable, housing, house, development, government, obama, administration, 1602 program, minority, news, black radio, network

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