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
| Jul 9, 2012
Oakdale, Calif., Heritage Oaks Senior Apartments opens
New complex highlights senior preferences for amenities.
| Jul 3, 2012
Trimble to acquire WinEstimator
Acquisition adds estimating software solutions to Meridian Systems’ portfolio.
| Jul 3, 2012
Summit Design+Build completes Emmi Solutions HQ
The new headquarters totals 20,455 sq. ft. and features a loft-style space with exposed masonry and mechanical systems, 17-ft clear ceilings, two large rooftop skylights, and private offices with full glass partition walls.
| Jul 3, 2012
TOLK now called Dewberry
The renaming indicates a simplification in Dewberry’s corporate naming conventions.
| Jul 2, 2012
Bernards building mixed-use project in Beverly Hills
The project includes 88 luxury apartment homes atop a 14,000-sf Trader Joe’s market and a new coffee shop.
| Jul 2, 2012
San Francisco lays claim to the greenest building in North America
The 13-floor building can hold around 900 people, but consumes 60% less water and 32% less energy than most buildings of its kind.
| Jul 2, 2012
Plumosa School of the Arts earns LEED Gold
Education project dedicated to teaching sustainability in the classroom.
| Jun 29, 2012
SOM writes a new chapter at Cincinnati’s The Christ Hospital
The 332,000–sf design draws on the predominantly red brick character of The Christ Hospital’s existing buildings, interpreting it in a fresh and contemporary manner that fits well within the historic Mt. Auburn neighborhood while reflecting the institution’s dedication to experience, efficiency, flexibility, innovation and brand.
| Jun 29, 2012
Benjamin Moore Paints announces new CEO
Robert S. Merritt comes to Benjamin Moore with over three decades of management experience in the restaurant and food preparation and distribution industries
| Jun 29, 2012
Guardian launches industry’s first glass visualizer for interior design
Online tool allows designers to explore the possibilities of glass.