COPPERAS COVE (Killeen Daily Herald) – The Copperas Cove Economic Development Corp. (CCEDC) has approved a partnership with Endeavor Real Estate Group of Austin to build the Shops at Five Hills.

This consent comes while the CCEDC awaits the closing of a land swap between the cities of Copperas Cove and Fort Hood for the retail development.

The 1.15 million-sf Shops at Five Hills will be built across from Cinergy Cinemas on Constitution Dr. and have more than 6,000 parking spaces when completed.

WASHINGTON, D.C. (Associated Press) – Homeowners have received another year to refinance their loans under the Home Affordable Refinance Program, the Federal Housing Finance Agency announced yesterday.

The program, which was originally scheduled to end June 10 but now expires June 30, 2011, allows borrowers who owe up to 25 percent more than their homes are worth to refinance at lower interest rates.

The Treasury Department reports that, so far, the program has helped about 220,000 homeowners with loans owned or guaranteed by Fannie Mae and Freddie Mac, far less than the projected four to five million.

AUSTIN (Austin Business Journal) – Texas expects to receive $2.25 billion for about 450 highway projects statewide from American Recovery and Reinvestment Act road construction funding.

About 320 of the projects are currently under construction.

These dollars are leveraged with state funds, including about $12 million awarded last month to Central Texas projects, according to the Texas Department of Transportation.

Nationwide, the bill signed last year is expected to pump $26.1 billion into the nation’s road infrastructure.

Vice President Joe Biden and U.S. Transportation Secretary Ray LaHood announced the funding yesterday.