Reid Announces More Than $15 Million in Recovery Funds for Affordable Housing Construction in Nevada

Washington, D.C.- July 28, 2009 – (RealEstateRama) — Nevada Senator Harry Reid announced today that Nevada will receive more than $15 million in economic recovery funds from the U.S. Department of Housing and Urban Development (HUD) to jumpstart affordable housing construction that has been stalled by the economic downturn.

“Nevada’s housing market and construction industry have been hit hard by the recession,” Reid said.  “These funds will go a long way toward creating jobs, providing affordable housing for low-income families and helping Nevada’s construction industry get back on its feet.”

Nevada is one of 26 states that will share a total of $1.2 billion in funds released through HUD’s new Tax Credit Assistance Program.  This program will assist Nevada’s housing finance agencies by allowing them to continue funding affordable rental housing projects while putting people back to work.