Washington, DC – July 30, 2009 – (RealEstateRama) — Today, U.S. Rep. Ed Perlmutter (CO-07) announced the Colorado Housing and Finance Authority (CHFA) will receive a total of $45.1 million from the American Reinvestment and Recovery Act (ARRA) funds to rehabilitate and construct housing for low-income families and individuals throughout the state.
“This funding is critical to strengthening our communities and easing pressures on our housing market,” said Perlmutter. “With this initiative CHFA will be able to provide grants starting in August to affordable housing developers, which will create an estimated 750 much needed jobs as well as increasing the availability of affordable housing in our area. Just in recent years, four developments with a total of 283 affordable housing units in the 7th Congressional District have benefited from these types of grants.”
Since May 2009, the Treasury Department and the Department of Housing and Urban Development have been implementing new efforts designed to help families while providing important assistance to homebuilders. Specifically, Treasury launched an innovative program to provide more than $3 billion from the Recovery Act to put people to work building quality, affordable housing for individuals and families affected by the current financial downturn. The Treasury Department will work with state housing agencies to jump start the development or renovation of qualified affordable housing for families across the country. Under this program, after meeting certain eligibility requirements, state housing agencies will receive funding to construct affordable housing developments.
