HUD
004-10CA Larry Bush (415) 436-6532 |
For
Release Thursday August 12, 2004 |
BUSH ADMINISTRATION ANNOUNCES $3.9 MILLION TO STIMULATE ECONOMIC DEVELOPMENT AND HOUSING IN COMPTON, PALM DESERT
LOS
ANGELES - Compton will receive $3,515,261 and Palm Desert will receive $415,000
in federal funding to
stimulate local economies, produce more affordable housing
and help homeless individuals and families, Housing and Urban Development Secretary
Alphonso Jackson today announced.
"This Administration is committed
to promoting economic development and job growth, increasing the supply of affordable
housing, and helping our most vulnerable neighbors," said Jackson. "These
funds will serve as a catalyst
for low-income families trying to cross the threshold
into homeownership and reinforces our commitment to
rebuilding entire communities."
Compton's funding includes $2,521,229 in Community Development Block Grant funds, $93,534 in Emergency Shelter Grant funds, and $900,498 in HOME funds.
Palm Desert will receive $415,000 in Community Development Block Grant funds.
For the past 30 years, HUD's Community Development Block Grant (CDBG) Program has awarded over $100 billion to state and local governments to target their own community development priorities. CDBG is one of HUD's oldest and most popular programs. 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. CDBG funds are distributed by formula around the country based on a community's population, income levels, poverty rates and the age of its housing stock.
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 committed to produce nearly 785,000 affordable housing units, including almost 300,000 for new homebuyers purchasing their first home. In addition, over 100,000 tenants have received direct rental assistance.
Emergency
Shelter Grants (ESG) help local communities to meet the basic shelter needs
of homeless individuals and families. These grants also provide transitional housing
and a variety of support services designed to move the homeless away from a life
on the street toward permanent housing. This block grant program, in concert with
more than $1 billion HUD awards by competition, helps thousands of local homeless
assistance programs to help those
who would otherwise call the streets their home.
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.
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