68 agencies win approval to raise private funds
The government is giving housing agencies in 68 U.S. cities and counties approval to raise private funds for renovating and repairing aging public-housing buildings.
The Department of Housing and Urban Development announced Thursday the applications approved were filed in the first 30 days of the program. The local public-housing authorities are looking to raise about $650 million in private funds for work to benefit roughly 13,000 rent-subsidized apartments. Their applications were approved on condition they secured commitments from private lenders.
The work will generate about 10,000 construction jobs by summer, HUD said.
Overall public housing is nearly collapsing under $25.6 billion of needed renovations, HUD Secretary Shaun Donovan told reporters.
The 68 housing authorities are in 23 states. The largest number, 20, are in Georgia.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)