(312) 353-6236 ext. 2666
October 3, 2003
BUSH ADMINISTRATION ANNOUNCES MORE THAN $2.1 MILLION IN
HOUSING AND COMMUNITY DEVELOPMENT FUNDS FOR WILL COUNTY, ILLINOIS
CHICAGO - Will County, Illinois will receive more than $2.1 million in federal assistance to stimulate its economy and promote affordable housing, Housing and Urban Development Secretary Mel Martinez announced today.
"These grants do so much good for so many people," Martinez said.
"This money helps communities do the critical work of stimulating
business development and job growth, providing affordable housing
and helping our most
The funding announced today includes $1,641,000 in Community Development
Block Grant (CDBG) funds and
$469,000 under the HOME Investment Partnerships program.
First awarded in 1974, CDBG funds enable state and local governments
to target their own economic development priorities. Although the
rehabilitation of affordable housing has traditionally been the
largest single use of the
grants, the program is also an increasingly important catalyst for economic development activities that expand job and business opportunities for lower income families and neighborhoods.
HOME is the largest federal block grant to state and local governments
designed exclusively to create affordable housing for low-income
households. Since 1992, more than a half million 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.