US pours cash into housing plan

The US Treasury is to plough $268m (£164m) into efforts to create new jobs and provide affordable housing, the department announced yesterday. The cash injection forms part of the American Recovery and Reinvestment Act, aimed at funding housing developments in key states such as Washington D.C. “This initiative will help spur construction and development, create much needed jobs, and increase the availability of affordable housing for families around the country,” said Treasury deputy secretary Neal Wolin. “Today’s announcement of housing funds demonstrates how President Obama’s Recovery Act is putting our nation on the path to economic stability, one community at a time,” he added.