|
 |
 |
|
|
|
| |
| |
| Information on the Federal Stimulus Initiatives |
| |
| |
On February 17, 2009, the President signed the American Recovery and Reinvestment Act. The Act serves as a stimulus to create jobs and invests in health care, energy and education to jumpstart economic growth. It includes creating more than 3 million jobs; doubling the production of alternative energy in the next three years; modernizing federal building and improving energy efficiency in two million American homes, investing in the computerization of America’s medical records; equipping schools, community colleges and public universities with 21st century classrooms, labs and libraries; expanding broadband access; and investing in science, research and technology.
For more information on the American Recovery and Reinvestment Act, go to www.recovery.gov.
Mayor Frank G. Jackson’s Administration has been proactive in anticipating possible ways Cleveland can use monies available due to the Federal stimulus. A list of proposed, shovel ready infrastructure projects that includes job creation numbers was submitted to Governor Ted Stickland.
More information is available at www.recovery.ohio.gov/.
On February 18, 2009, President Barack Obama announced his Home Affordability and Stability Plan, designed to help up to 7 to 9 million families avoid foreclosure by restructuring or refinancing their mortgages. The $75 million foreclosure assistance portion of the plan will allow for (1) refinancing mortgage loans not owned or held by Fannie Mae or Freddie Mac; and (2) the ability to renegotiate sub prime loans to qualifying “at-risk homeowners.”
For more information regarding the President’s initiative you can go to www.financialstability.gov.
On February 25, 2009, the Federal Housing and Urban Development Department (HUD) allocated more than $10 billion of Recovery and Reinvestment Act funding – nearly 75% of HUD’s total Recovery funds. These funds were allocated using primarily formula-based criteria that does not require grantees to apply. The remaining 25% of the Recovery and Reinvestment Act funds will be competitively awarded later and will be used to build on the Obama Administration’s goals of promoting green jobs and mitigating the destabilizing effects of foreclosure on communities.
A detailed summary of HUD’s allocations, go to www.hud.gov/recovery/. A state by state allocation chart is available here. The chart includes breakdowns for the Tax Credit Assistance Program (TCAP), the Homeless Prevention Fund, Community Development Block Grant (CDBG) funding, LEAD Hazard Reduction Grants, Project Based Rental Assistance and Native American and Native Hawaiian Housing Grants.
|
| |
| |
| ### |
|
|
 |
|
|
|
|
|
|
|
|