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2.7%  Q1 GDP    4.57%  avg. 30-year mortgage     9.5%  Unemployment

Treasury Spends Another $135 Million On Low-Cost Housing

The Treasury Department announced moments ago that it is authorizing another $135 million in taxpayer money to be spent building or renovating low-cost housing in Iowa, Maine, New Hampshire, Rhode Island and Washington.

The breakdown goes like this:

- $72 million for Iowa.
- $36 million for Rhode Island.
- $11 million for Washington.
- $10 million for New Hampshire.
- $4 million for Maine.

"The Treasury Department will work with state housing agencies to jump start the development or renovation of qualified affordable housing for families across the country," Treasury said in the announcement. "Under this program, after meeting certain eligibility requirements, state housing agencies will receive funding to construct affordable housing developments."

The five states decided to exchange a portion of their low-income housing tax credits for direct tax assistance.

Treasury acknowledged that the low-income housing products "around the nation have experienced financial problems getting to the finish line but these critical funds will provide a much-needed final push to get people home."

Rhode Island has the nation's third-highest unemployment rate, at 11.1 percent, behind Michigan's 12.9 percent and Oregon's 12 percent.

-- Frank Ahrens
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By Frank Ahrens  |  June 4, 2009; 11:37 AM ET
Categories:  The Ticker  | Tags: Treasury, unemployment  
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