Colorado Housing Authority Receives $14.4 Million from HUD

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Colorado Public Housing Authority is one of the 3,131 agencies across the U.S. to receive funds from HUD. The funds are part of a $2.3 bullion HUD program, and are allocated to improve public housing units in Colorado. The $14.4 million will be divided between 47 agencies within Colorado; however, the Denver Housing Authority received the lions share of the funds, $6.76 million, accounting for 46.7 percent of the allotment.

Shaun Donavan, Secretary of the U.S. Housing and Urban Development stated that "Housing authorities will add this funding to the $4 billion from the American Recovery and Reinvestment Act of 2009 they received last year to continue addressing long-standing capital improvements that public housing communities need. This funding will also stimulate the economy and create jobs in these communities."

Over the last 75 years, HUD has provided annual funding to public housing authorities across the country to make improvements to housing in their communities. HUD is planning a new initiative for their 2011 budget, termed "Preservation, Enhancement and Transforming Rental Assistance." The initiative will allow housing authorities to leverage public and private financing to address capital needs and make public housing units affordable for long term.

Read full article from Inside Real Estate News

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Posted on June 22, 2010 09:22:14 by Blog Author