“Much-needed stimulus money will soon be arriving in Three Rivers to help our struggling families access affordable housing,” Hinojosa said. “Through this funding, our neediest residents who have fallen on hard times will be able to keep a roof over their heads and plan for the future.”
The Department of Housing and Urban Development (HUD) will be awarding $71,330 to the City of Three Rivers under the Recovery Act’s Capital Fund Formula Program. The money, which should arrive within the month, will go toward the development, financing, and modernization of public housing in the area.
“Providing all Americans with affordable and adequate housing must be a priority especially in these difficult economic times,” Hinojosa said. “Our communities right now simply do not have the resources to go it alone. The federal government has done the right thing by stepping in and quickly investing in our communities and in our families.”
On February 17, President Obama signed the final version of the American Recovery and Reinvestment Act into law. This legislation will create or save 3.5 million jobs, immediately cut taxes for 95 percent of workers, and begin a historic economic transformation that will make the nation more globally competitive and energy independent. The money is to be invested quickly in the economy – with an estimated 74 percent spent in the first 18 months, according to the nonpartisan Congressional Budget Office.
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