HUD
No. PH003-74 Larry Bush (415) 436-6532 | For
Release Thursday July 10, 2003 |
BUSH ADMINISTRATION DELIVERS $1.6 MILLION IN COMMUNITY DEVELOPMENT AND HOUSING FUNDS FOR DAVIS, CALIFORNIA
HUD grants invest in people and places in need
SAN FRANCISCO - Housing and Urban Development Secretary Mel
Martinez today announced the City of Davis, California will receive $1,606,723
in federal assistance to stimulate its local economy and to produce affordable
housing. The funding announced today includes $1,007,000 in Community Development
Block Grant (CDBG) funds
and $599,723 in HOME funds.
"The
funding we announce today is an investment to promote economic development and
job growth, increase the supply of affordable housing and help our most vulnerable
neighbors," said Martinez. "These resources are evidence
of our continuing
commitment to provide communities with the resources they need to meet the particular
needs of their residents."
HUD's CDBG program enables state and local
governments to target their own economic development priorities. 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
for lower income families and neighborhoods.
HOME (Home Investment
Partnerships Program) is the largest federal block grant to state and local governments
designed exclusively to create affordable housing for low-income households. Since
1992, nearly 700,000 affordable housing units have been acquired, constructed
or rehabilitated and nearly 70,000 tenants have received direct
rental assistance.
In addition, more than 200,000 new homebuyers have received assistance to purchase
their first homes through the HOME program.
HUD's block grant programs are distributed by formula around the country based on criteria including population, income levels, poverty rates and age of housing stock.
HUD is the nation's
housing agency committed to increasing homeownership, particularly among minorities,
creating affordable housing opportunities for low-income Americans, 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.
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