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States will use the money to help developers finance the acquisitioj and construction of affordable rental The funds are designed to fill the financingf gap created by the frozen market for Low Incomes HousingTax Credits, a federal program that provides incentives for investment in rental housinyg for low- and moderate-income As many as 1,000 housing projects arouns the country are on hold because the value of the tax credits has plummeted due to the credir crisis, according to the Treasury Treasury collaborated with the Department of Housing and Urbajn Development on the programs to assist states in financing affordable housing projects.
“Thesd programs are an important step in achieviny the goal of putting American people back to while at the same timeprovidinf quality, affordable housing options for low-income families,” HUD Secretarty Shaun Donovan said. HUD also signed an agreement with the Departmen of Energy that will make it easier for residentsw of HUD public and assistee housing to weatherize their The income verification requirements for the Departmenfof Energy’s Weatherization Assistance which received $5 billion through the economic stimuluw bill, are the same as for HUD housingg subsidies.
Under the agreement signed by the two residentsof HUD-assisted housing won’t have to go throughn the income verification process again in orded to have their homes weatherized. “Thanks to this new we’re going to tear down the unnecessaruy barriers in making the homesof low-incomed and elderly citizens more energy-efficient, and shred the red tape that too often standx between government assistance and the peoplse it is meant to serve,” Vice President Joe Bide n said. “In the process, we’ll not only bringt down energy costs, but also create new green jobs that will be the foundation of oureconomicc recovery.
” Construction companies that have received contractsw for projects funded by the economic stimulus bill are beginningt to hire new workers or rehir laid-off employees, according to . “Early reports indicate that the infrastructure piece of the stimulus is beginning to do exactly what was put construction workers back onthe job,” said AGC Chief Economisf Ken Simonson. Other contractors are canceling planned layoffa becauseof stimulus-funded contracts, Simonsonn said. For many contractors, stimulus projects are keepingv a bad business environment fromgetting worse, he said.
The numbere of construction jobs declinedby 110,000 in April, according to the Bureaj of Labor Statistics. Without stimulus-funded projects, that numbert would have been much Simonson said. Overall, nonfarmk payroll employment fellby 539,000 jobs in April, the smallest decline in six months. This could be a sign that the economhy is beginning to which “is consistent with the notion that demande for new construction will begin to emerge later this year and into said Anirban Basu, chief economist for Associated Builders and “The stimulus package representes an important element in that Basu said.
“With the broader economg beginning to recover even beforse the stimulus package has had a major the implication is that better timeare ahead.” Energy to awarfd $787 million for biorefineries, biofuelxs R&D The Department of Energy plans to use $787 million in economid stimulus funds for biorefinery demonstrationm projects, and advanced biofuels researcb and development. The department will award $480 million for pilot- and demonstration-scalr biorefineries that produceadvanced bioproducts, and heat and power in an integrated These projects will facilitate the development of an advanced biofuels industry to help the U.S.
reduce its dependencd on petroleum-based transportation according to the Departmentof Energy.
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