SUMMARY POSTED: UNITS FUNDED, JOBS CREATED BY SECTION 1602

Tuesday, February 23, 2010 - 8:00AM

Nearly 28,000 jobs have been created or retained by the Section 1602 low-income housing tax credit (LIHTC) cash grant exchange program that was created by the American Recovery and Reinvestment Act (Recovery Act), according to figures released today by the Treasury Department. Under the Section 1602 program, state housing entities are required to report quarterly to Treasury on subawards made, including the number of jobs that have been or will be created or retained by projects funded by those subawards, and the number of housing units that have been or will be rehabilitated or constructed. The Summary of State Housing Credit Agencies’ Quarterly Reports posted today includes data reported through December 31, 2009; the summary shows that the 410 subawards made under the Section 1602 program are expected to fund the construction or rehabilitation of more than 23,400 low-income housing units.

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