Washington, DC - U.S. Senators Jim Webb and Mark R. Warner today announced that the U.S. Department of Housing and Urban Development (HUD) has released nearly $112 million to the Virginia Housing Development Authority to finance construction and improvements to public housing. The funding is part of the American Recovery and Reinvestment Act of 2009.
“This $112 million investment will provide the necessary resources to properly maintain and construct Virginia’s public housing facilities while also creating and saving jobs throughout the Commonwealth,” said Senator Webb.
“These funds will help to create and improve affordable housing options for families in need and provide jobs for home builders across Virginia,” Senator Warner said.
On March 26th, Senators Webb and Warner announced $51 million in grants to 29 local Redevelopment and Housing Authorities throughout Virginia to address much-needed improvements to public housing units, create jobs and reduce energy costs. The press release can be found here.
Section 1602 of the American Recovery and Reinvestment Tax Act appropriates funds for assistance to states to finance construction or acquisition and rehabilitation of qualified low-income buildings for low-income housing in lieu of low-income housing tax credits.