Affordable Housing and Tax Credit Developments NationallyAmerican Recovery and Reinvestment Act of 2009 (ARRA) Funds Spent on Public Housing Creates Affordable Housing, Jobs and Strengthens the Nation’s Infrastructure

Council of Large Public Housing Authorities (CLPHA) recently released a report prepared by the Econsult Corporation titled “Public Housing Stimulus Funding: A Report on the Economic Impact of Recovery Act Capital Improvements.” The report discusses the economic impacts of the $4 billion in American Recovery and Reinvestment Act of 2009 (ARRA) funds spent on Public Housing Authorities (PHAs) for capital improvements and redevelopment of public housing units. Data was collected from twenty Public Housing Authorities (PHA) which own and manage approximately 25% of the public housing stock and received 18% ($700 million) in ARRA funds.

The report summarized the following findings:

• The PHAs in the study spent more than $1.2 billion on all Recovery Act capital projects, resulting in total economic output stemming from these funds to nearly $3.8.

• Every $1 million spent on Recovery Act capital projects created 26 jobs nationally, surpassing several other sectors of the economy.

• Every $1 million spent by PHAs on capital improvements resulted in $1 million in salaries nationwide.

• The PHAs used their $700 million in Recovery Act funds to obtain more than $500 million in additional leveraged funds and accelerated capital fund expenditures, for a total investment of $1.2 billion.

• The PHAs in the study used funds to complete work on more than 54,000 units at nearly 300 properties.

The Danneman Firm, LLC provides clients with a high-quality alternative to “big-firm” legal services. We combine past experience working with institutional clients at large national law firms together with the personal service and cost effectiveness of a smaller organization.

3411 Silverside Road | Baynard Building, Suite 108 | Wilmington, DE 19810

© 2022 The Danneman Firm