Washington, DC - U.S. Senators Jim Webb and Mark R. Warner today announced that the U.S. Department of Treasury has released nearly $112 million to the Virginia Housing Development Authority to finance construction, acquisition and improvements to low-income housing.

The funding is part of the American Recovery and Reinvestment Act of 2009. Section 1602 of the American Recovery and Reinvestment Tax Act appropriates funds for assistance to states to finance construction or acquisition and rehabilitation of multi-unit buildings for those who qualify in lieu of low-income housing tax credits.

“This $112 million investment will provide the necessary financing to make housing facilities in Virginia more accessible for individuals that qualify while also creating and saving jobs throughout the Commonwealth,” said Senator Webb.

“These funds will help to create and improve affordable housing options for families in need and provide jobs for developers across Virginia,” Senator Warner said.

Also, on March 26th, Senators Webb and Warner announced $51 million in grants to 29 local Redevelopment and Housing Authorities throughout Virginia to address much-needed improvements to public housing units, create jobs and reduce energy costs.