Congresswoman Hirono Announces Hawai‘i to Receive $47.7 Million in Recovery Act Funding for Guaranteed Single Family Housing Loans

WASHINGTON, D.C. – April 03, 2009 – (RealEstateRama) — Congresswoman Mazie K. Hirono (D-Hawai‘i) today announced the state of Hawai‘i will receive $47,772,900 in American Recovery and Reinvestment Act funding for the Single Family Housing Guaranteed Loan Program aimed at helping boost economic opportunities and home ownership in rural communities.  The funding is part of the first wave of the $10 billion in guaranteed housing loans provided in the Recovery Act.

Vice President Joe Biden and Agriculture Secretary Tom Vilsack announced earlier today the U.S. Department of Agriculture has begun disbursing the Recovery Act funding.  USDA’s housing programs are designed to improve the quality of life for rural Americans by ensuring that they have access to safe, well-built, affordable homes. The programs finance new or improved housing for low- to moderate-income families and individuals in rural areas.

Nationally, funding from the Recovery Act will initially provide 15,000 rural families with $1.76 billion in loan guarantees for homeownership financing, which will also create or save approximately 7,500 jobs. Once all of the Recovery Act funding for rural housing is released ($7 billion directly to states and $3 billion held in reserve for higher need areas), it is estimated that 42,500 jobs will be created or saved.

More information about USDA’s efforts regarding the Recovery Act is available at www.usda.gov/recovery.  Additional information about the Federal government’s efforts on the economic stimulus is available at www.recovery.gov

Contact: Marvin Buenconsejo, Phone: (808) 541-1986