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Stalled Residential Development Common, but Stimulus Monies Are Boosting State Projects07-08-09 | News

Stalled Residential Development Common, but Stimulus Monies Are Boosting State Projects




Williamsburg in Brooklyn, NYC has 18 vacant lots of stalled construction.
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The headlines are everywhere?EUR??,,????'?????<

Headline Forest Lakes, Illinois?EUR??,,????'?????<

In southern Illinois, a multi-million-dollar plan for a hotel, marina and retail shops along the Ohio River in Metropolis is also on hold until the economy rebounds.

Regarding stimulus money for Illinois state projects, however, the signs are encouraging. According to a recent study by the Associated General Contractors of America, for every billion dollars invested in new infrastructure projects in Illinois, the state?EUR??,,????'?????<

According to the New York Post, Brooklyn leads the boroughs in unfinished condo developments. Williamsburg alone has 18 vacant lots of stalled construction and the rusting steel building frames to prove it. A team of building inspectors found 143 stalled sites around the city

In San Francisco, food vendors are now hawking their edibles in a section of a parking lot near the Pike Place Market where a hotel project has been put on hold. The San Francisco Chronicle reports at least a dozen projects sites are sitting idle, waiting for the economy to rebound.

Miami is renting lots from developers for basically nothing and creating temporary parks.

In Massachusetts, residents are seeing ?EUR??,,????'?????<

U.S. Housing and Urban Development just awarded $4,860,574 to North Dakota and $28,434,123 to Minnesota to start affordable housing programs stalled by the recession. The funding is through the American Recovery and Reinvestment Act of 2009.

And in D.C., developers of 22 affordable housing projects are seeking some of the $33.7 million the city will receive in federal stimulus money from the Treasury.

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