Representative Ann Kirkpatriock announces that the Department of Housing and Urban Development is making more than $32 million available for affordable housing projects and creating construction jobs in Arizona. The funds are being provided through the Tax Credit Assistance Program, which helps state housing finance agencies spur stalled rental projects.
Investment in low income housing has plunged during the economic downtourn. Kirkpatrick says this makes it more difficult for working families to access quality housing options. It also contributes to job losses in the construction industry. TCAP offers new incentives for investors.
TCAP will benefit more than 35,000 families nationwide. Its effects could especially impact Arizona, where residential construction has been especially slowed by the recession and where foreclosure rates are the fourth highest in the country.
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