Posted on 02/25/2009 4:00:28 PM PST by Cindy
Note: The following text is a quote:
http://www.hud.gov/news/release.cfm?content=pr09-014.cfm
www.hud.gov/news/ For Release Wednesday February 25, 2009
HUD ALLOCATES MORE THAN $10 BILLION OF RECOVERY ACT FUNDING ONE WEEK AFTER BILL SIGNING Nearly 75 percent of HUD Recovery funds allocated today
WASHINGTON - The U.S. Department of Housing and Urban Development (HUD) today allocated nearly 75 percent of its funding, or $10.1 billion, made available through the American Recovery and Reinvestment Act of 2009. The Recovery Act includes $13.61 billion for projects and programs administered by HUD, 75 percent of which was allocated to recipients today - only one week after President Obama signed the Act into law.
The funding announced today is primarily formula-based, meaning that it is allocated using set program criteria that do not require grantees to apply for the funds, allowing them to be allocated very quickly. The remaining 25 percent of the funds, which will be competitively awarded later, will be used to build on the President's priorities to promote green jobs and mitigate the destabilizing effects of foreclosures on communities
"I am pleased to announce that we are moving swiftly to get these much-needed funds out to states and cities to create jobs and help stimulate our economy," said HUD Secretary Shaun Donovan. "Recovery Act investments in HUD programs will be not just swift, but also effective: they will generate tens of thousands of jobs, help the families and communities hardest hit by the economic crisis, and modernize homes to make them energy efficient."
For a detailed local summary of each of the following allocations, visit HUD's recovery website:
Promoting Energy Efficiency and Creating Green Jobs
These investments are powerful vehicles for economic recovery because they work quickly, are labor-intensive, create jobs where they are needed most, and lead to lasting neighborhood benefits. Many will also reduce greenhouse gas emissions and save Americans money by retrofitting housing to make it more energy efficient.
Public Housing Capital Fund Program - $3 billion
HUD is allocating nearly $3 billion to 3,134 public housing agencies to develop, finance, and modernize public housing in their communities. Local PHAs will use this funding for energy-efficient modernization and to make large-scale improvements to public housing developments, including critical safety repairs. In addition to the funding allocated through this capital fund, HUD is working to competitively award another $1 billion to local housing agencies to support catalytic investments, particularly investments that leverage private sector financing to retrofit public housing and enhance energy conservation.
Native American Housing Block Grant (IHBG) - $255 million
Tribal entities will use this funding for energy efficient modernization of and renovation of housing maintained by Native American housing programs. In addition to the funding allocated through formula funding, HUD will competitively award another $242 million for Native American grants later this year. Also, pursuant to today's recovery formula funding, HUD is allocating $10.2 million for Native Hawaiian Housing.
Lead Hazard Reduction/Healthy Homes - $100 million
Nearly $100 million will be invested in HUD's lead based paint and hazard reduction and remediation activities, including promoting local efforts to eliminate dangerous lead from lower income homes and stimulating private sector investment in lead hazard control.
Supporting Shovel-Ready Projects and Assisted Housing Improvements
These investments will support a broad range of housing and community development projects that are ready to go. Many of these projects have been held up for lack of private investment due to fallout from the broader economic crisis and credit crunch.
Tax Credit Assistance Program (TCAP) - $2.25 billion
Funded under HUD's HOME Program, TCAP grants will help State Housing Finance Agencies to kick-start the production of stalled affordable rental housing projects that rely on Low-Income Housing Tax Credits. These agencies will distribute the funds competitively and give priority to housing projects that can begin construction immediately.
Project-Based Rental Assistance - $2 billion
HUD is allocating $2 billion to invest in full 12-month funding for Section 8 project-based housing contracts. This funding will enable owners to undertake much-needed project improvements to maintain the quality of this critical affordable housing.
Promoting Stable Communities and Helping Families Hardest Hit by the Economic Crisis
These investments will help communities and families that have experienced the brunt of the economic downturn. Resources will be used to stabilize and revive local neighborhoods and housing markets with heavy concentrations of foreclosed properties. Funds will also assist the vulnerable families and individuals who are on the brink of homelessness or have recently become homeless.
Community Development Block Grant Program (CDBG) - $1 billion
HUD is allocating nearly $1 billion to approximately 1,200 state and local governments through the Department's Community Development Block Grant (CDBG) program to target their own community development priorities. Most local governments use this investment to rehabilitate affordable housing and improve key public facilities - helping to stabilize communities and create jobs locally.
Homelessness Prevention Fund - $1.5 billion
HUD is allocating nearly $1.5 billion to state and local governments to help rapidly re-house homeless persons and families who enter shelters. In addition, HUD's Homelessness Prevention Fund will significantly expand efforts to prevent homelessness among those facing a sudden economic crisis.
FHA Loan Limits
HUD will temporarily increase the loan limits of mortgages insured by the Federal Housing Administration (FHA) up to $729,750. This will keep credit flowing to millions of families whose options are limited by the current crisis. Previously, FHA's loan limits in very high-cost areas were capped at $625,500. FHA's reverse mortgage product known as the Home Equity Conversion Mortgage (HECM) will have a new national mortgage limit of $625,500, up from the previous limit of high of $417,000. These increased loan limits are applicable to all FHA-insured mortgage loans endorsed until December 31, 2009.
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HUD is the nation's housing agency committed to sustaining homeownership; creating affordable housing opportunities for low-income Americans; and supporting the homeless, elderly, people with disabilities and people living with AIDS. The Department also promotes economic and community development and enforces the nation's fair housing laws. More information about HUD and its programs is available on the Internet at www.hud.gov and espanol.hud.gov.
Note: The following text is a quote:
http://www.whitehouse.gov/blog/09/02/25/Fighting-foreclosure-and-homelessness/
THE BRIEFING ROOM • THE BLOG
Wednesday, February 25th, 2009 at 5:45 pm
Fighting foreclosure and homelessness
The first dollars from the American Recovery and Reinvestment Act are headed out the door today, as the federal government makes $15 billion available to help states shore up their Medicaid funds.
And there’s more coming up.
Just a week after President Obama signed the Act into law, the Department of Housing and Urban Development (HUD) today allocated 75% of its recovery funds — $10 billion — to create green jobs, to revive housing markets with high rates of foreclosure, and curb homelessness.
“Recovery Act investments in HUD programs will be not just swift, but also effective,” HUD Secretary Shaun Donovan said in a statement. “They will generate tens of thousands of jobs, help the families and communities hardest hit by the economic crisis, and modernize homes to make them energy efficient.”
The money opened up today includes:
$3 billion to develop, finance, and modernize public housing; $255 million for Native American and Native Hawaiian Housing; nearly $100 million for lead hazard reduction; $2.25 billion to kick-start the production of stalled affordable rental housing projects under the Tax Credit Assistance Program (TCAP); $2 billion to undertake much-needed project improvements to maintain the quality of critical affordable housing; $1 billion to rehabilitate affordable housing and improve key public facilities under the Community Development Block Grant Program; $1.5 billion to reduce homelessness, and prevent it among those facing a sudden economic crisis; and a temporary increase to the loan limits of mortgages insured by the Federal Housing Administration (FHA).
You can even see how the funds break down by program area on a state-by-state basis.
I smell a big fat OAK NUT
“You can even see how the funds break down by program area on a state-by-state basis.”
Where is that link?
It doesn’t exist from what I’ve heard today. If you see it..please let me know.
We need to have Freepers in every community following up on these funds and the locals ‘administering’ them. I will gladly volunteer for my area.
Anyone else?
According to the second press release, when clicking on the link it goes here:
http://www.hud.gov/recovery/statetotals.xls
For some reason, the link does not work here.
Anyway, to get the link I posted, click here:
http://www.whitehouse.gov/blog/09/02/25/Fighting-foreclosure-and-homelessness/
if you smell nuts; then squirrels can’t be far behind.
I went there..it is BS!! Looks like something a junior high school student could do on Excel. No details..no nothing. Zip..Zero..Nada.
Smoke and mirrors on ‘transparency’. God, I hate how these fools/traitors are destroying this country in 4 short weeks on every front...every single sector of our economy! Not to mention our military!
I am going to have a heart attack before this is over.
Well now, I’m just quoting the stuff and posting it here for archival purposes.
Don’t have a heart attack...it would make me feel bad and I’m supposedly attempting to lower my blood press now.
sp=pressure
I know dear. Your efforts are perhaps important...if we are going to do something about it.
It just angers me no end how stupid people can be. Obama told one lie after another last night and he knows his stupid looter voters are not going to ‘follow the money’ or check his stupid fake ‘transparency’ website. They don’t care... as long as Obama is taking our money and giving it to them!
The whole Obama pork plan is rife with democrat cronyism, pay to play scams and wasteful spending.
We need to start following this money and not just archiving Obama’s ‘statements’ imho.
“We need to start following this money and not just archiving Obama’s ‘statements’ imho.”
I agree.
Oh man..this chick from an environmental campaign just came to my door. I unloaded on that stupid broad big time...LOL
I feel kinda bad now...but not really.
LMAO! She said someone else had just ‘screamed’ at her in the neighborhood. The ‘silent majority’ is getting pissed!
It’s more buying of votes. The cycle will never end.
I wonder how much a “green” job pays.
Yeah, not! Keep pouring it on. Maybe the goons will finally figure out we don't want any.
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