HUD announces $94.7 mil. in funding for housing

WASHINGTON -- U.S. Housing and Urban Development Secretary Shaun Donovan has announced nearly $94.7 million in national stimulus funding for affordable housing projects in Illinois that have been stalled because of the recession.

The money is part of $2.25 billion to be funneled through HUD's new Tax Credit Assistance Program to the Illinois Housing Development Authority and other state housing agencies.

Donovan says jump-starting work on affordable housing projects will also help the ailing construction industry.

HUD says nearly 1,000 projects -- or 150,000 housing units -- are on hold across the country. State housing agencies are required to give priority to projects that could begin immediately and be completed by February 2012.