In the aftermath of Hurricane Irene, Massachusetts has been added to a list of 26 states approved for investment from the Rebuilding Local Economies Fund, which seeks to accelerate affordable housing construction and create jobs in disaster-affected areas.

Morgan Stanley initially established the $100 million Rebuilding Local Economies Fund in June to support recovery efforts in states affected by spring flooding and tornados. After Hurricane Irene, 10 states were added to the list of eligible areas, including every New England state except Maine.

"In a number of areas, Hurricane Irene exacerbated what were already tough economic conditions," said Mike Mantle, senior advisor in Morgan Stanley’s Global Sustainable Finance group. "The expanded Rebuilding Local Economies Fund will help expedite the process of rebuilding homes and creating jobs and hasten economic recovery in afflicted communities."

The Rebuilding Local Economies Fund is focused on affordable rental housing developments that utilize Low Income Housing Tax Credits to finance their construction or rehabilitation. National Equity Fund, a national nonprofit and national syndicator of the housing credits, is managing the fund, adding $4 million in predevelopment lending to help projects move forward quickly, according to a statement.

The fund is anticipated to replace as many as 1,000 units of affordable housing and create approximately 4,000 new jobs.

Certain counties in the following states are eligible for investment from the fund:

• Alabama

• Arkansas

• Connecticut

• Georgia

• Idaho

• Illinois

• Indiana

• Iowa

• Kentucky

• Massachusetts

• Minnesota

• Mississippi

• Missouri

• Montana

• New Hampshire

• New Jersey

• New York

• North Carolina

• North Dakota

• Oklahoma

• Pennsylvania

• Rhode Island

• South Dakota

• Tennessee

• Vermont

• Virginia