TREASURY SURPASSES $4 BILLION IN SECTION 1602 GRANTS

Tuesday, December 22, 2009 - 8:00am

The Treasury Department today announced that the American Recovery and Reinvestment Act (Recovery Act) has now provided more than $4 billion in funding to spur the development of affordable housing through the Section 1602 program, which provides cash grants in lieu of low-income housing tax credits (LIHTCs). To date, 50 state and territorial housing authorities have received payments in lieu of tax credits, including awards in this round made to Arizona, Delaware, Georgia, Hawaii, Indiana, Michigan, Minnesota, New Mexico, Ohio, Pennsylvania, and Utah, with Texas being a first time recipient. Click here for more information, including a complete list of funds awarded to states under the program to date.