The Department of the Treasury recently announced new guidance to “increase the ability of state, local, and tribal governments to use American Rescue Plan (ARP) funds to boost the supply of affordable housing in their communities,” according to a news release.
New department data shows that through March 31, 2022, more than 600 state and local governments had budgeted $12.9 billion to meet housing needs and lower housing-related costs. That figure included $4.2 billion for affordable housing development and preservation.
The Treasury has two new steps in its plan to increase affordable housing units. The first will increase the ability to use State and Local Fiscal Recovery Funds (SLFRF) to more easily finance long-term affordable housing loans. The second step broadens eligible uses to include “an expanded range of federal programs from multiple agencies, permitting more options for how states and local governments can presumptively use funds for affordable housing.”
The Treasury is also updating guidance so governments can use SLFRF funds to “finance the development, repair, or operation of any affordable rental housing unit that provides long-term affordability of 20 years or more to households at or below 65% of the local area median income.”
Related Stories
| Aug 11, 2010
PCA partners with MIT on concrete research center
MIT today announced the creation of the Concrete Sustainability Hub, a research center established at MIT in collaboration with the Portland Cement Association (PCA) and Ready Mixed Concrete (RMC) Research & Education Foundation.
| Aug 11, 2010
Study explains the financial value of green commercial buildings
Green building may be booming, especially in the Northwest, but the claims made for high-performance buildings have been slow to gain traction in the financial community. Appraisers, lenders, investors and brokers have found it difficult to confirm the value of high-performance green features and related savings. A new study of office buildings identifies how high-performance green features and systems can increase the value of commercial buildings.
| Aug 11, 2010
Architecture Billings Index drops to lowest level since June
Another stall in the recovery for the construction industry as the Architecture Billings Index (ABI) dropped to its lowest level since June. The American Institute of Architects (AIA) reported the August ABI rating was 41.7, down slightly from 43.1 in July. This score indicates a decline in demand for design services (any score above 50 indicates an increase in billings).
| Aug 11, 2010
Construction employment declined in 333 of 352 metro areas in June
Construction employment declined in all but 19 communities nationwide this June as compared to June-2008, according to a new analysis of metropolitan-area employment data released today by the Associated General Contractors of America. The analysis shows that few places in America have been spared the widespread downturn in construction employment over the past year.
| Aug 11, 2010
Jacobs, Hensel Phelps among the nation's 50 largest design-build contractors
A ranking of the Top 50 Design-Build Contractors based on Building Design+Construction's 2009 Giants 300 survey. For more Giants 300 rankings, visit http://www.BDCnetwork.com/Giants
| Aug 11, 2010
Balfour Beatty agrees to acquire Parsons Brinckerhoff for $626 million
Balfour Beatty, the international engineering, construction, investment and services group, has agreed to acquire Parsons Brinckerhoff for $626 million. Balfour Beatty executives believe the merger will be a major step forward in accomplishing a number of Balfour Beatty’s objectives, including establishing a global professional services business of scale, creating a leading position in U.S. civil infrastructure, particularly in the transportation sector, and enhancing its global reach.
| Aug 11, 2010
Construction unemployment rises to 17.1% as another 64,000 construction workers are laid off in September
The national unemployment rate for the construction industry rose to 17.1 percent as another 64,000 construction workers lost their jobs in September, according to an analysis of new employment data released today. With 80 percent of layoffs occurring in nonresidential construction, Ken Simonson, chief economist for the Associated General Contractors of America, said the decline in nonresidential construction has eclipsed housing’s problems.
