HUD Archives: News Releases

HUD No. 07-0901
Bob Young
(404) 331-5001 ext. 2008
For Release
September 10, 2007

$16.8 million in Rural Housing and Economic Development grants awarded nationwide

ORLANDO - Housing and Urban Development Secretary Alphonso Jackson today awarded $300,000 to one rural
housing program in Florida, the Central Florida Community Development Corporation in Daytona Beach to stimulate economic development, create jobs and produce more affordable housing. The funding is part of $16.8 million in
grants provided through HUD's Rural Housing and Economic Development Program nationwide.

In addition to the HUD grant announced today, rural communities are expected to generate more than $675,000
from other public and private sources to promote economic development and employment.

"These grants will go a long way toward producing more affordable housing in rural communities across our country," said Jackson. "HUD funding, and the private investment these grants will generate, will offer more than just an affordable home to working families in rural areas. These grants will trigger economic development and breathe new life into rural neighborhoods that are desperate to grow."

Rural Housing and Economic Development (RHED) grants help pay for land acquisition, new home construction, housing demolition, infrastructure improvements and construction training. Other possible uses include
homeownership and financial counseling; financial assistance to homeowners, businesses and developers; creating micro enterprises and small business incubators; and establishing lines of credit or revolving loan pools to benefit
the local business community.

Qualified applicants are local rural nonprofit organizations, community development corporations, federally recognized Indian tribes, State housing finance agencies and/or local economic development agencies. RHED grants have provided nearly $190 million, creating more than 12,000 jobs, assisting nearly 8,200 businesses and producing nearly 20,000 affordable homes.

Rural communities will use this funding as seed money to pay the start-up costs for housing or economic
development projects. These grants will also help organizations to hire and train their staffs, develop strategic plans and acquire office space and other needed facilities.

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, and enforces the nation's fair housing laws. More information about HUD and its programs is available on the Internet
and For more information about FHA products, please visit

The following Central Florida community will receive a grant under HUD's Rural Housing and Economic Development Program this year:

Central Florida Community Development Corporation in Daytona Beach will receive a Rural Housing and Economic Development Innovative grant award in the amount of $300,000. This Innovative award will assist the applicant in improving the housing stock in this distressed community and increase access to affordable housing for low-income persons. Houses will be constructed with energy efficiency features that will lower utility costs and improve overall affordability for community members. The Hastings community has a population of approximately 500, qualifying it
as a rural jurisdiction with population below 2,500. The outcomes for this project will be 70 new homebuyers classes, 70 homebuyers financial literacy classes, 30 loan applications, 15 mortgage or loan awards, 15 new housing units,
and 15 energy star featured installed. A major partner for this project is Florida Community Loan Fund. The
proposed leveraging for this endeavor is $675,000.

Contact: Mr. Gerald Chester
847 Orange Avenue, Daytona Beach, FL 32114
Telephone Number: (386) 226-1216

For further media information please contact Jerrie Magruder at (407) 648-6446 x 2017


Content Archived: March 15, 2011