Funding From the Recovery Act will stimulate the production of 65 affordable housing units stalled by recession and as a result this will create jobs.
HUD Deputy Secretary Ron Sims visited Cedar Gateway Developments in San Diego, CA, an affordable housing development that was under construction but came to a halt last March due to the loss of tax credit funding.
“Today’s announcement demonstrates that the Recovery Act is working now to jumpstart the nation’s ailing economy,” said Deputy Secretary Sims. “The TCAP program is significantly boosting our efforts to put the American people back to work, right here in San Diego, while at the same time providing quality, affordable housing options for low-income California families at a time when those options are critical.”
The current economic and financial crises present significant challenges for the construction industry, particularly residential construction. As many as 1,000 projects, which amount to about 150, 000 homes, are stalled across the country.
Manufactured home projects are included in the housing market freeze. Unfortunately, manufacturers and installation companies are both feeling the housing freeze. Along with financing options freezing, the manufactured home industry is ina stage of contraction until the mobile home lending market loosens their lending standards to a reasonable level.
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