Senators Lautenberg and Menendez Announce $61 Million In Funds To Help Address Housing and Jobs Crises

WASHINGTON, DC – May 11, 2009 – (RealEstateRama) — US Senators Frank R. Lautenberg (D-NJ) and Robert Menendez (D-NJ) today announced the state of New Jersey will receive $61 million in economic recovery act funds through a program to finance the purchase and construction of affordable housing units across the state, which will help create jobs while bringing down housing costs for working families.

Part of an innovative partnership between the Department of the Treasury and the Department of Housing and Urban Development, state housing agencies will receive resources from Treasury through the Recovery Act from which they can in turn provide cash assistance to developers of qualified affordable housing projects to fill gap that has been created as result of a decrease in investment through the Low Income Housing Tax Credit across the nation.

“In these tough economic times, we need to do all we can to help create jobs and ensure available, affordable housing across New Jersey,” Sen. Lautenberg said. “These funds will go a long way toward creating jobs and ensuring families across our state have a place to call home.”

Senator Menendez said: “These are tough times for families who are facing foreclosure or searching for employment. These federal funds will be doubly effective in helping to ensure economic security for our families by creating jobs and affordable housing. Jumpstarting the construction of affordable housing for moderate and low income families in itself will help create thousands of jobs across a broad range of work specialties. This is the type of comprehensive initiative we need to successfully spur an economic recovery.”

# # #

Contact: Lautenberg Press Office (202) 224-3224