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STIMULUS FUNDING SAVES APARTMENT COMMUNITY AND JOBS
September 1, 2009 - (RealEstateRama) -- overnor Jack Markell, Senator Tom Carper and Delaware State Housing Authority (DSHA) Director Anas Ben Addi today announced that Hollybrook Farms, LP has received just over $4.3 million in funding through American Recovery and Reinvestment Act of 2009, better known as ARRA, to renovate units at the housing community located in Laurel. Specifically, the funding was made available through ARRA’s Tax Credit Exchange Provisions (TCEP). This funding will save the property from foreclosure and preserve 124 units of affordable housing, in addition to the federal annual subsidy of $649,000. The project will also help boost the economy and provide nearly 200 jobs during construction
