10 States With Housing Jobs on the Way

Posted at July 16, 2009

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That is how much the Obama Administration has distributed to 25 states under a new program designed to jumpstart the stalled construction of rental housing developments around the country. The government hopes the program, part of the American Recovery and Reinvestment Act of 2009, will create thousands of jobs for contractors, engineers, architects and general construction workers, and provide affordable housing options for middle-income families.

Under the program, the 25 states that receive federal assistance will distribute that money among the developers in exchange for their unsold tax credits. That funding should help restart construction on their sites.

But don’t hold your breath in hopes of getting work – or a roof above your head – right away. The money’s journey into the right hands will take time, and most states are unlikely to see construction begin within the next six to nine months, McIlwain says. After that, these projects will take another two years on average to be completed. (That may actually be a good thing, he says, as rental prices are falling now in most parts of the country.)

Here’s a glimpse at how 10 states are planning to use the Recovery Act funds they have received so far.