Lautenberg And Menendez Announce More Than $49 Million In Federal Recovery Act Funding For Affordable Housing In New Jersey

NEWARK, NJ – January 19, 2010 – (RealEstateRama) — Sens. Frank R. Lautenberg and Robert Menendez today announced the U.S. Department of the Treasury has awarded the New Jersey Housing and Mortgage Finance Agency (HMFA) more than $49 million from the American Recovery and Reinvestment Act (ARRA) to finance the expansion and improvement of affordable housing in New Jersey.  The Recovery Act, which Lautenberg helped author as a member of the Senate Appropriations Committee, was signed into law by President Obama in February of 2009.  Menendez is chairman of the Senate Banking Subcommittee on Housing.

“In these tough economic times, we need to do all we can to ensure New Jersey’s neediest families have a place to call home,” said Sen. Lautenberg.  “This federal Recovery Act funding will help finance affordable housing in New Jersey while creating and preserving good jobs.”

“It is absolutely critical in this economy that families who are struggling can afford to keep a roof over their heads and that we create jobs,” said Menendez.  “This recovery package funding helps accomplish both, by providing employment opportunities as we build and improve affordable housing in our state and by providing families with quality housing options that fit their budget.”

NJHMFA will receive $49,073,194 for construction and acquisition and rehabilitation of rental housing for low-income families and individuals.  The funding will also support the creation and preservation of construction and non-construction jobs.