Wednesday, February 18, 2009

HR1: The American Recovery and Reinvestment Act of 2009

HR1: The American Recovery and Reinvestment Act of 2009 has been signed into law by President Barack Obama at the Denver Museum of Science yesterday with Vice President Joe Biden looking on. For Illinois, the law will entail, among other things, $29,218,992 for Head Start; $88,015,040 for Neighborhood Stabilization Program; $95,960,765 for HOME Investments Partnership Program' $48,458,944 for Community Development Block Grants; $9,447,325 for Community Service Block Grant; $81,790,952 for Byrne Justice Assistance Grants for at total for Illinois $3,322,761,437. In regard to energy, the law will create temporary loan guarantees up to $80 billion for renewable energy power generation and electric transmission projects that begin in the next ten years. These would help east credit constraints for renewable energy investors and spur new private sector investment over the next three years. And the law will promote energy-efficient investments in homes by extending and expanding tax credits through 2010 for purchases such as new furnaces, energy-efficient windows and doors, or insulation, increases the credit form 10 percent to 30 percent of the cost of the investment and raises the credit cap from $500 to $1500, helping American families save money on their energy bills. You may also visit our website at

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