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
| Oct 7, 2011
GREENBUILD 2011: Otis Elevator announces new contracts for sustainable building projects
Wins reinforce Otis’ position as leader in energy-efficient products.
| Oct 7, 2011
GREENBUILD 2011: UL Environment releases industry-wide sustainability requirements for doors
ASSA ABLOY Trio-E door is the first to be certified to these sustainability requirements.
| Oct 7, 2011
GREENBUILD 2011: Otis Elevator introduces energy-efficient escalator
The energy-efficient NCE escalator from Otis offers customers substantial “green” benefits.
| Oct 7, 2011
GREENBUILD 2011: Schools program receives grant to track student conservation results
To track results, schools will use the newly developed Sustainability Dashboard, a unique web-based service that makes tracking sustainability initiatives affordable and easy.
| Oct 7, 2011
GREENBUILD 2011: Transparent concrete makes its North American debut at Greenbuild
The panels allow interior lights to filter through, from inside.
| Oct 6, 2011
GREENBUILD 2011: Growing green building market supports 661,000 green jobs in the U.S.
Green jobs are already an important part of the construction labor workforce, and signs are that they will become industry standard.
| Oct 6, 2011
GREENBUILD 2011: NEXT Living EcoSuite showcased
Tridel teams up with Cisco and Control4 to unveil the future of green condo living in Canada.
| Oct 6, 2011
GREENBUILD 2011: Kingspan Insulated Panels spotlights first-of-its-kind Environmental Product Declaration
Updates to Path to NetZero.
| Oct 5, 2011
GREENBUILD 2011: Johnson Controls announces Panoptix, a new approach to building efficiency
Panoptix combines latest technology, new business model and industry-leading expertise to make building efficiency easier and more accessible to a broader market.
| Oct 5, 2011
GREENBUILD 2011: Software an architectural game changer
Interactive modeling software transforms the designbuild process.