The Obama administration today awarded $486 million to 11 states and the Virgin Islands to finance the construction of affordable housing.

The funds, which are part of the economic stimulus bill passed by Congress earlier this year, are aimed at spurring job growth and reversing the decline in housing starts.

"Today's announcement of housing funds demonstrates how the Recovery Act is putting our nation on the path to economic stability, one community at a time," said Treasury Deputy Secretary Neal Wolin. "This initiative will help spur construction and development, create much needed jobs, and increase the availability of affordable housing for families around the country."

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