SEATTLE, WA – On Tuesday, U.S. Senator Maria Cantwell (D-WA) was joined by local housing advocates to discuss how Washington state and King County housing groups will benefit from passage of the American Recovery and Reinvestment Act. As part of the bill, Cantwell worked to ensure that, despite the overall credit crunch, Washington’s State and Local Housing Authorities have the resources to keep construction of needed affordable housing on track. The alarming increase in both unemployment, and in the rate of home foreclosures, highlights the urgent need to improve and expand the stock of affordable housing in our communities. In addition to providing some help to the families that are most at risk of being homeless, federal investment in affordable housing development will also create needed economic stimulus.

 

“We all know that the current state of our economy has led to distress in the housing market, and for homeowners especially,” said Cantwell. “Our homes are foundations for our families and anchors for our communities, and this bill will allow affordable housing organizations throughout the state to keep affordable housing construction on track. Without affordable housing, many low-income Americans would find themselves on the street. Instead, these families, by providing shelter and a secure place to live for themselves and their children, have the opportunity to be active parts of our communities, hold steady jobs, get an education, and generally improve their standard of living.”

 

Currently, in Washington, there are 11 housing projects at risk of not having adequate financing; these projects involve 534 units of needed affordable housing. The bill will allow state agencies to fill that financing gap so these projects can continue on schedule. The National Association of Homebuilders estimates that the construction of a 100-unit housing project creates 151 local jobs. By keeping the development of these 534 units in the pipeline, this bill will preserve 801 jobs in the state.

 

"We believe that the Recovery Act will really make a positive difference for housing in our state - whether it is adding to the stock of low-income housing, assisting first time home buyers or employing people to make energy-saving retrofits. We are ready to put this stimulus to work in our local economy,” said Tom Tierney, Executive Director of the Seattle Housing Authority.

 

“People in our communities have worked hard, maintained a decent living and now find themselves in an economic crisis not of their making. We need to stop this downward spiral. Investing in affordable housing and needed services, and assisting small businesses will help these families and businesses regain their footing while stimulating our economy,” said Tony To, Executive Director of HomeSight, which builds more than 40 new, affordable homes every year.

 

 

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