TREASURY ANNOUNCES MORE EXCHANGE PROGRAM FUNDING

Friday, July 10, 2009 - 8:00am

The Treasury Department today announced $486 million in funds allocated through the low-income housing tax credit (LIHTC) exchange program created by the American Recovery and Reinvestment Act (Recovery Act) to spur the development of affordable housing units. The funds announced today include $36 million in Alabama; $29 million in Arkansas; $34 million in Connecticut; $76 million in Georgia; $114 million in Louisiana; $44 million in Maryland; $51 million in Massachusetts; $16 in Montana; a second round for $17 million in New Hampshire bringing the total to nearly $28 million; $38 million in New Mexico; $20 million to the Virgin Islands; and $10 million to Vermont. This is the fourth 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.