Carson: Funds Will Jumpstart Stalled Affordable Housing Projects, Put Hoosiers Back to Work

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Carson: Funds Will Jumpstart Stalled Affordable Housing Projects, Put Hoosiers Back to Work

June 22, 2009

INDIANAPOLIS – Congressman André Carson released the following statement today after the U.S. Treasury Department announced that the State of Indiana will receive more than $164 million to fund the construction and rehabilitation of housing for low-income families and individuals throughout the state.

The financing is meant to jumpstart affordable housing initiatives, which have been stalled in recent months because the frozen financial system has made it nearly impossible for developers to sell low-income housing tax credits. These credits act as a key financing tool for many affordable housing projects.

“The Recovery and Reinvestment Act was intended to create jobs addressing the real needs of working people and struggling communities. That’s exactly what today’s announcement reflects.

“The need for more quality, affordable housing has never been greater. Just last week, an annual count of the homeless population in Indianapolis showed an extreme increase in the number of families struggling with homelessness. While these families battle to put a roof over the heads of their children, thousands of capable Hoosiers find themselves jobless, despite their talents and best efforts to get back to work.

“A way to address both of these critical issues is to jumpstart many of the stalled, affordable housing construction and revitalization projects—all of which are ready to go from a development standpoint, but just lack the capital to get off the ground.

“This significant investment of more than $164 million will allow the State of Indiana to provide the funding necessary to get several of these community-changing projects back on track—putting struggling Hoosiers back to work and getting homeless families back into stable housing.”

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