The MacArthur Foundation has announced it will give $32 million in grants and loans to preserve and create affordable public housing through HUD, in addition to the $4 billion allotted to the agency from the stimulus bill.
"MacArthur President Jonathan Fanton, during a February 26 press conference, cited a number of alarming statistics regarding affordable housing: a net loss of 1 million affordable homes over the last ten years, an 80 percent decline in government subsidies, and a standing deficit of 12 million units. 'For many years, the goal of home ownership has been emphasized in the U.S., and as a country we lost sight of the value of rental housing in a balanced national housing policy,' Fanton stated. 'The end of the housing bubble and a wave of foreclosures have underscored the importance of affordable rental housing.'"
"Economic stimulus funds directed toward HUD include $4 billion for improving energy efficiency in public housing, and $1 billion in community development grants to be distributed among 1,200 state and local governments.
HUD Secretary Shaun L. Donovan praised the MacArthur Foundation for putting the spotlight on affordable housing and pledged to improve efficiency within HUD so that it will 'become not an impediment, but an encouragement to innovation' in the public-housing sector."
Read the full story: MacArthur Foundation Pumps $32 Million Into Affordable Housing
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