THE RECOVERY ACT
Overview
The American Recovery and Reinvestment Act (Recovery Act) provided $13.6 billion for projects and programs administered by HUD, of which nearly 75 percent was allocated via formula grants to state and local recipients and the remaining 25 percent of funds were awarded via competition, with 100 percent of grant and loan funds obligated, and $12.9 billion (or 95.0 percent) disbursed to grantees by September 30, 2012.
HUD’s Recovery Act funds are already being invested in programs that: (1) promote energy efficiency and create green jobs, (2) support assisted housing improvements and critical public projects in need of gap funding, and (3) promote stable communities and help families hardest hit by the economic crisis. As reported by Recovery Act recipients, since the inception of the Act these funds have led to over half a million people being served through homelessness prevention assistance, 37,425 homes being developed, and 559,878 units of housing being renovated, many of which have improved energy efficiency. In the third quarter of FY 2012, HUD Recovery Act recipients reported 6,948 jobs saved or created. Read more...
Accomplishments
Helping America's Cities Recover
Local homelessness programs, such as the Homeless Prevention and Rapid Re-Housing Program (HPRP) that is funded by the Recovery Act, have enabled homeless Veterans to pay for security deposits, in combination with HUD-VASH's rental assistance, as well as VA's case management and clinical services. In doing so, HUD-VASH has helped more than 35,204 Veterans through the end of Q3 FY 2012. Read more...
