States have awarded more than $4 billion in economic stimulus funds to build or renovate affordable-housing units, according to a new Treasury Department report.

The projects have saved or created 80,000 jobs, according to the report.

"Access to affordable housing is a challenge faced by communities across the country," said U.S. Treasurer Rosie Rios. "By providing states with cash to help them finance low-income housing construction, the Recovery Act is spurring development at a time when too many projects would otherwise be stalled."

Through the stimulus bill, the Treasury Department has provided payments-in-lieu-of-tax credits to state housing agencies for affordable housing projects. States have leveraged this money with financing from private investors and other federal programs to fund the construction or rehabilitation of 57,000 housing units.