The American Recovery and Reinvestment Act is starting to take shape right here in Kansas as Democratic Governor Mark Parkinson and Deputy Treasury Secretary Neal Wolin announced the implementation of programs that will provide billions of dollars in recovery funds throughout the country and right here in Kansas. Governor Parkinson discussed the importance of these projects and the Recovery Act earlier today...
"The Recovery Act has been essential to our state, not only in terms of balancing the budget without demolishing essential state programs, but it's also been important to Kansans who are struggling to get through this national recession," Parkinson said. "Osawatomie is a great example of how the Recovery Act is making a difference - in this case, by creating and protecting jobs in construction, and providing affordable housing for our senior citizens. Projects, like Woodland Hills, will help communities across Kansas and the country get back on the road to recovery."
Woodland Hills will actually be the first project in the country completed under the Treasury Department's "Tax Credit Exchange" program that provides state housing agencies with the resources necessary to help developers of qualified affordable housing developments. This program is funded through President Obama's Recovery Act that was passed through Congress earlier this year and has helped in the construction of affordable housing that would not have been completed otherwise.
Only a few months ago, Woodland Hills was almost stalled indefinitely. The building was three fourth done when the investment dried up and construction stopped. Foreclosure seemed all but imminent but with the help of the $2.4 million provided by the Recovery Act, the construction is now complete.
The Governor's office also spoke about similar programs that helped Woodland Hill:
"Woodland Hills also received a state disaster loan in the amount of $517,200 to help finance construction and the City of Osawatomie received a $940,277 grant due to SB 417, passed in the 2008 Legislative Session, to help pay for housing related infrastructure improvements. The Kansas Housing Resources Corporation is receiving $45.1 million from the Tax Credit Exchange Program through the U.S. Department of the Treasury."
If you'd like to learn more about the new initiatives happening in Kansas because of the Recovery Act, head over to: http://www.governor.ks.gov/Recovery/