Senator Bayh on Housing Funds for Indiana

Recovery funds will create jobs, help Hoosier families weather economic downturn

June 22, 2009 -- Washington – Senator Evan Bayh today announced that Indiana will receive $164 million in economic recovery funds for the construction and rehabilitation of affordable housing for moderate- and lower-income Hoosier families.

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Housing starts, the number of new residential construction projects initiated each month, have fallen 80 percent since their 2006 peak. Current home construction is at a 13-year low, down more than 60 percent from the peak in early 2006.

“I’m pleased to see economic recovery funds invested right back into Indiana, creating new jobs and new homes for Hoosiers,” Bayh said. “This funding will put Hoosiers back to work and provide a much-needed boost to our state’s struggling construction and housing sectors. This money will help stimulate local economies while also providing affordable, quality housing alternatives for families who are struggling during these difficult economic times.”

The Indiana Housing and Community Development Authority (IHCDA), a state agency dedicated to ensuring safe, affordable, quality housing for Hoosiers, will receive the funds from the U.S. Treasury Department to jump-start the development or renovation of qualified affordable housing units.

According to the agency’s website, the IHCDA’s work is done in partnership with developers, lenders, investors, and nonprofit organizations that use the agency’s financing to serve moderate- and lower-income Hoosiers. The IHCDA leverages government and private funds to invest in financially sound, well-designed projects that will benefit Hoosier communities for many years.

Source: Senator Evan Bayh