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June 10, 2010
HUD ANNOUNCES $1,084,792 MILLION IN COMMUNITY DEVELOPMENT AND AFFORDABLE HOUSING IN KOKOMO, INDIANA
JUNE 10 - U.S. Housing and Urban Development Deputy Secretary Ron Sims today announced the Kokomo, Indiana
will receive more than $1,084,792 million to support community development and produce more affordable housing. "This funding provides the building blocks needed to improve communities," said Sims. "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:
- $ 1,084,792 in Community Development Block Grant (CDBG) funds.
$ 1,084,792 TOTAL
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.