HUD No. 07-036
July 17, 2007
HUD ANNOUNCES $1.3 MILLION FOR AFFORDABLE HOUSING AND COMMUNITY DEVELOPMENT IN FORT SMITH
HUD to support a variety of local housing and development programs
FORT WORTH - U.S. Housing and Urban Development Secretary Alphonso Jackson today announced that Fort Smith will receive $1.3 million to promote a variety of community development and affordable housing programs. HUD
funding will also provide downpayment assistance to first-time homebuyers and assist individuals and families who might otherwise be living on the streets.
"This funding helps breathe new life into neighborhoods," said Jackson. "By helping communities to improve their infrastructure or assisting families to purchase their first home, HUD is helping improve neighborhoods from the
The funding announced today includes:
- $852,208 in Community Development Block Grant (CDBG) funds; and,
- $485,432 in HOME Investment Partnerships (HOME) funding.
Since 1974, HUD's Community Development Block Grant (CDBG) Program has received approximately $120 billion for 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 the grants, although
CDBG is also an important catalyst for job growth and business opportunities. In 2006, communities reported that CDBG provided housing assistance to 179,385 households, assisted in the creation or retention of more than 55,000 jobs. CDBG funds are distributed to grantees 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 more than 780,000 affordable housing units, including over 329,000 for new homebuyers. In
addition, over 164,000 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.