HUD announces grant for development and affordable housing
“This funding provides the building blocks needed to improve communities,” said Donovan. “Now, more than ever, these grants promote neighborhood development, produce affordable housing, and help extremely low-income persons find their place in their communities.”
The funding announced today includes:
- $1,540,199 in Community Development Block Grant funds
- $555,637 in HOME Investment Partnerships Funding
Since 1974, HUD’s Community Development Block Grant (CDBG) Program has provided approximately $132 billion to state and local governments to target their own community development priorities. The rehabilitation of affordable housing and the improvement of public facilities have traditionally been the largest uses of CDBG although the program is also an important catalyst for job growth and business opportunities. Annual CDBG funds are distributed to communities according to a statutory formula based on a community’s population, poverty, and age of its housing stock, and extent of overcrowded housing.
HOME (HOME Investment Partnerships Program is the largest federal block grant to state and local governments designed exclusively to produce affordable housing for low-income families. Since 1992, more than 600 communities have completed nearly 950,000 affordable housing units, including 403,000 for new homebuyers. In addition, 224,000 tenants have received direct rental assistance.
Source - HUD
