Shaheen: Economic Recovery Package Will Invest $860 Million in New Hampshire to Create Jobs, Help Get Our Economy Back on Track

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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

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.

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