Washington,DC – December 28, 2009 – (RealEstateRama) — U.S. Rep. Nick Rahall (W.Va.) sees a federal grant for the West Virginia Housing Development Fund as a boost for the State’s construction workers and families. The Fund will receive a $25,165,944 Recovery Act grant from the U.S. Department of Treasury to support construction or acquisition and rehabilitation of housing for low-income families and individuals throughout the state to create and preserve construction and non-construction jobs.
“Putting these dollars to work puts West Virginians to work,” said Rahall. “Home construction and rehab pay huge dividends for lots of families when you stop to think about it – from the guys wielding the hammer, to the moms moving in, to the businessmen selling new stoves. These investment dollars go a long way for families. They will pay returns long after we are out of this downturn.”
The purpose of the Recovery Act is to preserve and create jobs and promote economic recovery in the near term and to invest in infrastructure that will provide long-term economic benefits. The grant announced today to West Virginia for low-income housing projects is in lieu of low-income housing credits for 2009.
Section 1602 of the American Recovery and Reinvestment Tax Act appropriates funds for assistance to States to finance construction or acquisition and rehabilitation of qualified low-income buildings for low-income housing in lieu of low-income housing tax credits.