(404) 331-5001 ext. 2013
October 16, 2006
HUD AWARDS $300,000 TO AREA COMMITTEE TO IMPROVE OPPORTUNITIES NOW, INC. FOR AFFORDABLE HOUSING AND ECONOMIC DEVELOPMENT IN GREENSBORO AND MADISON, GEORGIA
MADISON - U.S. Department of Housing and Urban Development Regional Director Bob Young is in Madison today to award Area Committee To Improve Opportunities Now, Inc. a $300,000 Rural Housing and Economic Development (RHED) Program Grant. This grant will be used to increase capacity to provide housing services throughout seven distressed census tracks in Greene and Morgan counties. Nationally, HUD awarded $16.8 million in grants to 56 rural communities in 23 states to stimulate economic development, create jobs and produce more affordable housing.
The funding is provided through HUD's Rural Housing and Economic Development Program.
In addition to the HUD grants announced today, these rural communities are expected to generate more than $35 million from other public and private sources to promote economic development and employment. For a brief description of all the projects receiving funding, visit HUD's website.
"Today we make another investment in our nation's heartland," said Young. "This funding will help stimulate critically needed business development that ultimately leads to jobs in these rural communities. These grants and the private investment they help leverage will also produce more affordable housing opportunities for working families across
this great country."
Rural Housing and Economic Development 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 microenterprises and small business incubators; and establishing lines of credit or revolving loan pools to benefit the local business community.
Rural communities will use this funding as seed money to pay start-up costs for housing or economic development projects. These grants will also help organizations 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; creating affordable housing
opportunities for low-income Americans; and supporting the homeless, elderly, and people with disabilities. 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. For more information about FHA products, please visit www.fha.gov