The U.S. Department of the Treasury on July 10 announced $486 million in American Recovery and Reinvestment Act (ARRA) funding to spur the development of affordable housing units through its Section 1602 Tax Credit Exchange Program. Under the program, Treasury will work with state housing agencies to jump start the development or renovation of qualified affordable housing for families across the country. On July 10, the Treasury Department announced the fourth round of recipients:
- $36 million in Alabama;
- $29 million in Arkansas;
- $34 million in Connecticut;
- $76 million in Georgia;
- $114 million in Louisiana;
- $44 million in Maryland;
- $51 million in Massachusetts;
- $16 in Montana;
- a second round for $17 million in New Hampshire bringing the total to nearly $28 million;
- $38 million in New Mexico;
- $20 million to the Virgin Islands; and
- $10 million to Vermont.
