(336) 547-4002 ext. 2058
July 8, 2004
BUSH ADMINISTRATION ANNOUNCES OVER $1.7 MILLION TO STIMULATE ECONOMIC DEVELOPMENT AND HOUSING IN WILMINGTON
HUD grants targeted to lower income persons and families in need
GREENSBORO - HUD Secretary Alphonso Jackson announced that the City of Wilmington will receive $1,791,031 in
HUD funding to stimulate its local economy, produce affordable housing and help the homeless individuals and
"This Administration is committed to promoting economic development and job growth, increasing the supply of affordable housing, and helping our most vulnerable neighbors," said Jackson. "These funds will serve as a catalyst
for low-income families trying to cross the threshold into homeownership and reinforces our commitment to
rebuilding entire communities."
The funding announced today includes:
- $1,059,000 in Community Development Block Grant (CDBG) funds;
- $732,031 in Home Investment Partnerships (HOME) funding.
For the past 30 years, HUD's Community Development Block Grant (CDBG) Program has awarded over $100 billion to state and local governments to target their own community development priorities. CDBG is one of HUD's oldest and most popular programs. The rehabilitation of affordable housing has traditionally been the largest single use of the grants although CDBG is also an important catalyst for job growth and business opportunities. CDBG funds are distributed by formula around the country based on a community's population, income levels, poverty rates and the age of its housing stock.
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 committed to produce nearly 785,000 affordable housing units, including almost 300,000 for new homebuyers purchasing their first home. In addition, over 100,000 tenants have received direct rental assistance.
HUD is the nation's housing agency committed to increasing homeownership,
particularly among minorities; creating affordable housing opportunities
for low-income Americans; and supporting the homeless, elderly,
people with disabilities and people living with AIDS. The Department
also promotes economic and community development as
well as enforces the nation's fair housing laws. More information about HUD and its programs is available on the Internet and espanol.hud.gov.