HUD Reg. VI 08-48
September 4, 2008
HUD AWARDS FORT SMITH $250,000 FOR AFFORDABLE HOUSING AND ECONOMIC DEVELOPMENT IN RURAL AREAS
The VA Medical Center in Little Rock will recommend families and provide social services
LITTLE ROCK - U.S. Housing and Urban Development Secretary Steven Preston today awarded $16.9 million to 60
rural housing programs across the country to stimulate economic development, create jobs and produce more affordable housing. Included in the funding announced today was a grant of $250,344 to Crawford-Sebastian Community Development Council, Inc. in Fort Smith.
The funding is provided through HUD's Rural Housing and Economic Development Program. Crawford-Sebastian was the only RHED grantee in Arkansas.
"HUD is deeply invested in promoting affordable housing and community development throughout rural America," said Preston. "These grants will stimulate the kind of employment, economic growth, and housing development that will have a direct impact on working families in our rural communities."
Rural Housing and Economic Development (RHED) grants help pay for land acquisition, new home construction, housing demolition, infrastructure improvements and construction training. Other possible uses include
homeownership and financial counseling; financial assistance to homeowners, businesses and developers; creating micro enterprises and small business incubators; and establishing lines of credit or revolving loan pools to benefit the local business community. In addition to the funding announced today, rural communities are expected to generate nearly $59 million from other public and private sources to promote economic development and employment.
Qualified applicants are local rural nonprofit organizations, community development corporations, federally
recognized Indian tribes, State housing finance agencies and/or local economic development agencies. RHED grants have provided nearly $223 million, creating/training more than 35,000 jobs, assisting nearly 5,500 businesses and producing 14,000 affordable homes.
Rural communities will use this funding as seed money to pay the start-up costs for housing or economic
development projects. These grants will also help organizations to hire and train their staffs, develop strategic plans and acquire office space and other needed facilities.
Crawford Sebastian Community Development Council, Inc. will use its RHED grant to assist the organization in its efforts to rehab and reconstruct homes that are energy efficient. Partners in this project are USDA Mutual Self-Help Housing; Arkansas State Housing Finance Agency; Arkansas Development Finance Authority; and the Assets for Independence Act. Proposed leveraging for this project is $2,236,800.
Organization contact: Karen Phillips, (479) 785-2302, x124.
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 and enforces the nation's fair housing laws. More information about HUD and its programs is available on the Internet