U.S. Department of Housing and Urban Development Place-Based Reporting
The housing crisis placed the U.S. Department of Housing and Urban Development (HUD) firmly at the forefront of the response to the Great Recession. Millions of Americans had lost or were in danger of losing their homes. With credit markets frozen and new development stalled, HUD was positioned to play a critical role in providing much needed capital through the American Recovery and Reinvestment Act (ARRA) of 2009. Congress saw that HUD funds could be used to rehabilitate blighted structures into green, energy efficient buildings, build new rental housing, stabilize neighborhoods battered by the foreclosure crisis, and help people facing homelessness. At the same time, thousands of jobs could be created or saved.