; that figure is likely higher today, with some groups estimating the backlog of capital needs for public housing to be as high as $70 billion. (3) There are 14,000 units supported by Rural Rental Housing Loans under section 515 of the Housing Act of 1949 and Farm Labor Housing Loans under section 514 of the Housing Act of 1949 that have an estimated unmet reserve need of $5,600,000,000 according to the latest estimate from the Department of Agriculture. (4) Federal investment in housing helps to create jobs and stimulate the economy. (5) When the American Recovery and Reinvestment Act of 2009 ( Public Law 111–5 ) was enacted, which included funding for public housing, researchers found that for each $1.00 in direct spending on public housing, there was an additional $2.12 of indirect and induced economic activity nationwide for a total economic impact of $3.12 for each $1.00 in direct spending on public housing. (6) According to the National Association of Home Builders, building 100 affordable rental homes generates $11.7 million in local income, $2,200,000 in taxes and revenue for local governments, and 161 local jobs. (7) Researchers estimate that the growth in the gross domestic product from 1964–2009 would have been 13.5 percent higher if families had better access to affordable housing, which in turn could have led to an additional $1.7 trillion increase in income, equivalent to $8,775 in additional wages for each worker. 3. Public Housing Capital Fund (a) In general There is authorized to be appropriated for the Capital Fund under section 9(d) of the United States Housing Act of 1937 ( 42 U.S.C. 1437g(d) ) $70,000,000,000 and any amounts appropriated pursuant to this subsection shall remain available until the expiration of the 5-year period beginning upon the date of such appropriation. (b) Requirements The Secretary of Housing and Urban Development (in this Act referred to as the Secretary ) shall— (1) distribute not less than 35 percent and not more than 75 percent of any amounts appropriated pursuant