PH003-77NoCal Larry Bush (415) 436-6532 |
For
Release Thursday July 17, 2003 |
BUSH ADMINISTRATION DELIVERS NEARLY $2.5 MILLION IN COMMUNITY DEVELOPMENT AND HOUSING FUNDS FOR SANTA ROSA
SAN FRANCISCO - Housing and Urban Development Secretary Mel Martinez today announced Santa Rosa, California will receive $2,466,634 in federal assistance to stimulate its local economy and to 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."
Santa Rosa will receive $1,559,000 in Community Development Block
Grant (CDBG) funds and $907,634 in Home Investment Partnerships
Program (HOME) funds.
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 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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