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
| Jun 3, 2014
Great leadership comes down to one thing
While it’s often said that strong leadership is an organization’s competitive advantage, is there a single characteristic that can predict which leaders will be most effective? SPONSORED CONTENT
| Jun 3, 2014
Libeskind's latest skyscraper breaks ground in the Philippines
The Century Spire, Daniel Libeskind's latest project, has just broken ground in Century City, southwest of Manila. It is meant to accommodate apartments and offices.
| Jun 2, 2014
Nonresidential construction spending expands in April
Ten of 16 nonresidential construction subsectors posted increases in spending in April, according to the latest U.S. Census Bureau data.
| Jun 2, 2014
Parking structures group launches LEED-type program for parking garages
The Green Parking Council, an affiliate of the International Parking Institute, has launched the Green Garage Certification program, the parking industry equivalent of LEED certification.
| Jun 2, 2014
OSHA launches 'stand down' program to promote fall prevention
New program urges firms to explore ways to prevent jobsite falls, which are a leading cause of death and injury for construction workers.
| May 30, 2014
MIT researchers create 'home in a box' transformable wall system for micro apartments
Dubbed CityHome, the system integrates furniture, storage, exercise equipment, lighting, office equipment, and entertainment systems into a compact wall unit.
| May 30, 2014
Riding high: L.A., Chicago working on their version of the High Line elevated park
Cities around the U.S. are taking notice of New York's highly popular High Line elevated park system. Both Chicago and Los Angeles are currently working on High Line-like projects.
| May 30, 2014
Developer will convert Dallas' storied LTV Building into mixed-use residential tower
New Orleans-based HRI Properties recently completed the purchase of one of the most storied buildings in downtown Dallas. The developer will convert the LTV Building into a mixed-use complex, with 171 hotel rooms and 186 luxury apartments.
| May 29, 2014
Turn your pen-and-paper sketches into digital drawings in seconds with this nifty gadget [video]
Funded through Kickstarter, iSketchnote uses a smart pen to instantly digitize hand-written notes and drawings.
| May 29, 2014
Wood advocacy groups release 'lessons learned' report on tall wood buildings
The wood-industry advocacy group reThink Wood has released "Summary Report: Survey of International Tall Wood Buildings," with informatino from 10 mid-rise projects in Europe, Australia, and Canada.
