PH003-78SoCal Larry Bush (415) 436-6532 |
For
Release Thursday July 17, 2003 |
BUSH ADMINISTRATION DELIVERS NEARLY $5.3 MILLION IN COMMUNITY DEVELOPMENT AND HOUSING FUNDS FOR ALHAMBRA AND LYNWOOD, CALIFORNIA
SAN FRANCISCO - Housing and Urban Development Secretary Mel Martinez today announced Alhambra and Lynwood, California will receive $5,284,039 in federal assistance to stimulate their local economies and produce affordable housing.
"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."
Alhambra will receive $2,623,694, including $1,724,110 in Community Development Block Grant (CDBG) funds and $899,584 in Home Investment Partnerships Program (HOME) funds.
Lynwood will receive $2,660,345, including $1,959,997 in CDBG funds and $700,348 in HOME funds.
HUD's Community Development Block Grant (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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Note to editors: Communities that choose to receive their
block grants at other times of the year are not included
in today's
announcement.