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
Museums | Aug 29, 2024
Bjarke Ingels' Suzhou Museum of Contemporary Art conceived as village of 12 pavilions
The 60,000-sm Suzhou Museum of Contemporary Art in Suzhou, Jiangsu, China recently topped out. Designed by Bjarke Ingels Group (BIG), the museum is conceived as a village of 12 pavilions, offering a modern interpretation of the elements that have defined the city’s urbanism, architecture, and landscape for centuries.
Adaptive Reuse | Aug 28, 2024
Cities in Washington State will offer tax breaks for office-to-residential conversions
A law passed earlier this year by the Washington State Legislature allows developers to defer sales and use taxes if they convert existing structures, including office buildings, into affordable housing.
Industrial Facilities | Aug 28, 2024
UK-based tire company plans to build the first carbon-neutral tire factory in the U.S.
ENSO, a U.K.-based company that makes tires for electric vehicles, has announced plans to build the first carbon-neutral tire factory in the U.S. The $500 million ENSO technology campus will be powered entirely by renewable energy. The first-of-its-kind tire factory aims to be carbon neutral without purchased offsets, using carbon-neutral raw materials and building materials.
Building Technology | Aug 23, 2024
Top-down construction: Streamlining the building process | BD+C
Learn why top-down construction is becoming popular again for urban projects and how it can benefit your construction process in this comprehensive blog.
Airports | Aug 22, 2024
Portland opens $2 billion mass timber expansion and renovation to its international airport
This month, the Portland International Airport (PDX) main terminal expansion opened to passengers. Designed by ZGF for the Port of Portland, the 1 million-sf project doubles the capacity of PDX and enables the airport to welcome 35 million passengers per year by 2045.
Adaptive Reuse | Aug 22, 2024
6 key fire and life safety considerations for office-to-residential conversions
Office-to-residential conversions may be fraught with fire and life safety challenges, from egress requirements to fire protection system gaps. Here are six important considerations to consider.
Contractors | Aug 22, 2024
Growing a $250 million business by focusing on preconstruction, with Wes Palmisano
One of the most critical aspects of successfully growing a construction company is the often-overlooked preconstruction phase.
Resiliency | Aug 22, 2024
Austin area evacuation center will double as events venue
A new 45,000 sf FEMA-operated evacuation shelter in the Greater Austin metropolitan area will begin construction this fall. The center will be available to house people in the event of a disaster such as a major hurricane and double as an events venue when not needed for emergency shelter.
Contractors | Aug 22, 2024
Why all construction business problems are people problems, with Eric Anderton
In the chaotic construction world where systematization is not a norm, it’s safe to say that people’s problems remain the biggest main challenge.
Contractors | Aug 21, 2024
The average U.S. contractor has 8.4 months worth of construction work in the pipeline, as of July 2024
Associated Builders and Contractors reported today that its Construction Backlog Indicator held steady at 8.4 months in July, according to an ABC member survey conducted July 22 to Aug. 6. The reading is down 0.9 months from July 2023.
