Assemblywoman Addie J. Russell (D-Theresa) announced that she helped pass a 2012-13 state budget that includes $4.2 million for the Rural Preservation Fund. This funding will help with the availability of affordable housing and usher private investments into the housing market by supporting citizen-led, not-for-profit housing and community-based organizations that create and preserve affordable housing, according to Assemblywoman Russell.
“As a result of this economic downturn and housing shortages in certain communities, we need more affordable housing options. Providing funding for these programs helps create new units and improve sub-standard housing,” Assemblywoman Russell said. “I worked hard to make sure this funding was included in the final budget to help address the problems of overcrowding and unsafe living conditions.”
“This program serves as a catalyst to inject private capital into construction and rehabilitation projects, maintaining affordable housing for moderate and low-income families, as well as the elderly,” Assemblywoman Russell noted. “Our local housing programs have been focusing on repairing dilapidated homes and buildings in our communities, and making older homes more energy efficient,” Russell said.