Treasury Grants $490 Million in Affordable Housing Funds

The Treasury Department has earmarked another $486 million in American Recovery and Reinvestment Act funding for the construction and renovation of affordable housing in 12 states. Treasury deputy secretary Neal Wolin said the $3 billion total stimulus program is designed to contribute to economic stability, "one community at a time" through the development of affordable housing and creation of much needed jobs. The department has granted $36 million to Alabama; $29 million to Arkansas; $34 million to Connecticut; $76 million to Georgia; $114 million to Louisiana; $44 million to Maryland; $51 million to Massachusetts and $16 to Montana, $38 million to New Mexico; $20 million to the Virgin Islands; $10 million to Vermont and $17 million for New Hampshire, which had already received $11 million under the program. Treasury is expected to award another round of grants in the coming weeks.