Stimulus: States allocated $5B for affordable housing - Business Courier of Cincinnati:

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States will use the money to help developerws finance the acquisition and construction of affordablesrental units. The funds are designedd to fill the financinf gap created by the frozen market for Low Incom HousingTax Credits, a federal programj that provides incentives for investment in rentakl housing for low- and moderate-incomre families. As many as 1,000 housing projects around the country are on hold becausre the value of the tax creditx has plummeted due to thecreditt crisis, according to the Treasury Department. Treasury collaborated with the Departmenrt of Housing and Urban Development on the programas to assist states in financinh affordablehousing projects.
“Thesre programs are an important step in achieving the goal of putting American people backto work, whiled at the same time providing quality, affordabled housing options for low-income families,” HUD Secretary Shaun Donova said. HUD also signef an agreement with the Department of Energg that will make it easier for residents of HUD public and assistecd housing to weatherize their The income verification requirements for the Departmengof Energy’s Weatherization Assistanced Program, which received $5 billion through the economic stimulusx bill, are the same as for HUD housinh subsidies.
Under the agreement signed by thetwo agencies, residents of HUD-assistedf housing won’t have to go through the income verificatio process again in order to have theier homes weatherized. “Thanks to this new we’re going to tear down the unnecessary barrier s in making the homesof low-income and elderlhy citizens more energy-efficient, and shred the red tape that too often stands between government assistance and the people it is meant to Vice President Joe Bide n said. “In the process, we’ll not only brinbg down energy costs, but also creatwe new green jobs that will be the foundation of oureconomix recovery.
” Construction companies that have received contracts for projecte funded by the economic stimulus bill are beginning to hire new workers or rehire laid-off employees, according to . “Early reportse indicate that the infrastructurwe piece of the stimulus is beginning to do exactly what was put construction workers back onthe job,” said AGC Chief Economisty Ken Simonson. Other contractors are canceling planned layoffa becauseof stimulus-funded contracts, Simonsonn said. For many contractors, stimuluzs projects are keeping a bad business environment from getting he said.
The number of construction jobs declinedby 110,00 in April, according to the Bureau of Labor Without stimulus-funded projects, that number would have been much Simonson said. Overall, nonfarm payroll employmentf fellby 539,000 jobs in April, the smallesf decline in six This could be a sign that the economy is beginningy to stabilize, which “is consistengt with the notion that demand for new construction will begin to emergre later this year and into 2010,” said Anirbanm Basu, chief economist for Associated Buildersw and Contractors. “The stimulus package represents an importanyt element inthat formula,” Basu said.
“Witb the broader economy beginning to recover even befors the stimulus package has had a major the implication is that better timeare ahead.” Energy to award $787 milliom for biorefineries, biofuels R&D The Department of Energyt plans to use $787 million in economic stimulus fundds for biorefinery demonstration projects, and advanced biofuelzs research and development. The department will award $480 millioj for pilot- and demonstration-scale biorefineries that produceadvanced bioproducts, and heat and poweer in an integrated system. These projectsa will facilitate the development of an advanced biofuels industr y to helpthe U.S.
reduce its dependencee on petroleum-based transportation fuels, according to the Department of Energy.