TREASURY ANNOUNCES $135 MILLION MORE IN RECOVERY ACT LIHTC EXCHANGE FUNDS

Thursday, June 4, 2009 - 8:00am

The Treasury Department today announced nearly $135 million in American Recovery and Reinvestment Act (Recovery Act) funds will be given to five states that have elected to exchange for direct cash assistance a portion of their unused allocation of low-income housing tax credits (LIHTCs) intended to spur the development of affordable housing units. The five states and the amounts they will receive are:  $72 million in Iowa; $4 million in Maine; $10 million in New Hampshire; $36 million in Rhode Island; and $11 million in Washington. These funds are the second round in a series of awards based on a rolling application process; the Treasury Department says it anticipates making similar announcements in the coming weeks.