SHAHEEN: ECONOMIC RECOVERY PACKAGE WILL INVEST $860 MILLION IN NEW HAMPSHIRE TO CREATE JOBS, HELP GET OUR ECONOMY BACK ON TRACK
New Hampshire will receive an estimated $609.9 million in federal formula funding and an additional estimated $250 million in Medicaid funding Shaheen fought for the extension of the homebuyer tax credit and additional support for state housing authorities included in the final bill
(Washington, D.C.) – U.S. Senator Jeanne Shaheen today applauded final Senate passage of the American Recovery and Reinvestment Act of 2009, which will send to New Hampshire an estimated $609.9 million dollars in federal formula funding and an additional estimated $250 million in Medicaid funding under the Federal Medical Assistance Program (FMAP). The funding will help create good jobs, allow infrastructure and public works projects to be completed more quickly, provide middle class tax relief, help the state cope with budget shortfalls, and stimulate long-term economic growth. The final package includes two proposals for which Shaheen fought: an extension of the first-time homebuyer tax credit and added assistance for state housing authorities.
Shaheen released the following statement after Senate passage of the recovery package:
“This legislation is what we need to create jobs and get our economy back on track, and I’m glad we were able to come together so quickly to help the millions of families across the nation that are suffering right now. I’m pleased the final package extends the first-time homebuyer tax credit and offers added assistance for state housing authorities. This recovery package isn’t perfect and it won’t solve all the economic challenges we face, but it is a necessary and important first step toward long-term economic strength. I hope President Obama will sign this legislation into law without delay, and I look forward to working with the administration and my colleagues on both sides of the aisle as we continue our work to further strengthen our economy.”
The final recovery package included two improvements that Shaheen fought for that will help the housing market recover. The first is an extension of the first-time homebuyer tax credit that Shaheen had advocated. Last month, Shaheen led an effort of freshman Senators urging Senate Finance Committee Chairman Max Baucus (D-MT) to extend this important economic incentive. The $7,500 tax credit, which was originally scheduled to expire at the end of June, will now be increased to $8,000 and be made available through December 1.
Shaheen also fought to include a provision that will allow state housing authorities to convert a portion of any unused Low Income Housing Tax Credits into grants or loans to be given directly to homebuilders that are constructing affordable housing.
Below are examples of estimated New Hampshire benefits under some of the major formula funding included in the final version of the economic recovery package. New Hampshire communities will be able to apply for additional tax relief and discretionary grant program funds as well.
Estimated funding for New Hampshire:
* $129.4 million in highway funding;
* $59 million for local drinking and clean water infrastructure improvements;
* $13 million for investments in mass transit;
* $8.4 million in HOME Funding to enable public-private partnerships to acquire, construct, and rehabilitate affordable housing;
* $295 million in education funding to help the state, our local school districts, and our public colleges and universities;
* $49.7 million to help New Hampshire with Weatherization projects and State Energy programs; and
* $9.9 million to support law enforcement.
*For additional information regarding funding and tax credits included in the economic recovery package, please click here to access a full summary of the bill.
