HUD DELIVERS $22 MILLION IN COMMUNITY DEVELOPMENT, LOAN GUARANTEE, AND HOUSING FUNDS FOR SOUTH FLORIDA
HUD grants invest in people and places in need

MIAMI - South Florida will receive $22,265,972 in federal assistance through the Department of Housing and Urban Development to stimulate local economies and produce affordable housing. In making today's announcement, HUD's Regional Director Brian Noyes said the funding signals HUD's commitment to helping local communities design their
own plan to help lower income families.

"The funding we announce today is an investment in South Florida's future - promoting economic development and
job growth, increasing the supply of affordable housing and helping our most vulnerable neighbors," said Noyes.
"These resources are evidence of HUD's continuing commitment to provide communities with the resources they
need to meet the particular needs of their residents."

The funding announced today includes:

• $5,465,000 in Community Development Block Grant (CDBG) funds;
• $800,972 in Home Investment Partnerships (HOME) funding;
• $16 million in a loan guarantee (Section 108) through the State of Florida.

Recipients of the funding are:

Boca Raton (CDBG) $551,000
Delray Beach (CDBG) $714,000
Hollywood $2,687,972 allocated: $1,887,000 for CDBG, and $800,972 for HOME funds
Miramar (CDBG) $880,000
Sunrise (CDBG) $914,000
Tamarac (CDBG) $519,000
Key West (Section 108) $16,000,000 through the State of Florida

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 larges
t single use of the grants although CDBG is also an important catalyst for job growth and business opportunities for lower income families and neighborhoods.

Section 108, the loan guarantee provision of the Community Development Block Grant program, is one of the most potent and important public investment tools that HUD offers to local governments. It allows them to transform a small portion of their CDBG funds into federally guaranteed loans large enough to pursue physical and economic revitalization projects that can renew entire 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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