Philadelphia to get $44 million for affordable housing

The grant is the second federal infusion of cash meant to revitalize the nation’s crumbling low-cost housing inventory.

Philadelphia is set to receive nearly $44 million dollars in funds to build affordable housing. The money comes from the Office of Housing and Urban Development, which announced Thursday how it will distribute $2 billion for low cost housing nationwide.

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The grant is the second federal infusion of cash meant to revitalize the nation’s crumbling low-cost housing inventory.

HUD Assistant Secretary David Stevens says the money will go toward rehabbing vacant properties. He says the money, which is part of the federal stimulus package, will put locals to work.

Stevens: It’s a job creating opportunity, so there’ll be people being hired to do a lot of this work that may be impacted by unemployment or other economic impacts of this period we’ve just gone through.

Pennsylvania got a total of nearly $70 million dollars, and New Jersey was awarded about $47 million. Half of the grants need to be used in the next two years, and all of it has to be spent in three years.