National Mortgage Professional
(2/18/2014 5:22 PM, National Mortgage Professional)

Five years ago, a little less than a month after taking office, President Obama signed the American Recovery and Reinvestment Act of 2009. At the time, the private sector had cut almost four million jobs and the country was experiencing the worst recession since the Great Depression. The Recovery Act improved roads and infrastructure helping long-term growth, temporarily cut taxes for 160 million working Americans, and saved or created six million jobs. You can read a full report from the Council of Economic Advisers on the effects of the Recovery Act HERE.

The Recovery Act included $13.61 billion for projects and programs administered by the Department of Housing and Urban Development (HUD). Within eight days of President Obama signing the Recovery Act, HUD had allocated nearly 75 percent of the funds. The remaining 25 percent of funds were awarded through a competitive process. Recovery Act investments in HUD programs generated tens of thousands of jobs, modernized public housing and private homes to make them more energy efficient and cost-effective, and provided relief and opportunities to the families and communities hardest hit by the Great Recession.