HUD ANNOUNCES OVER $1.4 MILLION FOR COMMUNITY DEVELOPMENT AND AFFORDABLE HOUSING IN FORT COLLINS AND LOVELAND

DENVER - The U.S. Department of Housing and Urban Development today announced the Fort Collins and Loveland, CO will receive over $1.4 million to support community development and produce more affordable housing. HUD's annual funding will also help find homes for individuals and families living on the streets.

"Each year, HUD supports the community development and affordable housing needs of hundreds of cities, counties and states across our nation," said Rocky Mountain Regional Administrator Rick Garcia. "These funds will support local plans to strengthen communities and help families and individuals secure quality housing."

The funding announced today includes:

Since 1974, HUD's Community Development Block Grant (CDBG) Program has provided approximately $147 billion to state and local governments to target their own community development priorities. The rehabilitation of affordable housing and the improvement of public facilities have traditionally been the largest uses of CDBG although the program is also an important catalyst for job growth and business opportunities. Annual CDBG funds are distributed to communities according to a statutory formula based on a community's population, poverty, and age of its housing stock, and extent of overcrowded housing.

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 completed 1.2 million affordable housing units, including 466,800 new rental units, 495,800 for new homebuyers, and 232,000 units rehabilitated for low-income owner-occupants. In addition, nearly 300,000 tenants have received direct rental assistance.

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HUD's mission is to create strong, sustainable, inclusive communities and quality affordable homes for all. More information about HUD and its programs is available on the Internet at www.hud.gov and http://espanol.hud.gov.

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