Laura J. Feldman
October 4, 2010
HUD ANNOUNCES $5 MILLION IN COMMUNITY DEVELOPMENT AND AFFORDABLE HOUSING IN CHICAGO SUBURBS
CHICAGO - U.S. Housing and Urban Development Secretary Shaun Donovan today announced that five Chicago suburbs will receive nearly $5 million to support community development and produce more affordable housing.
"This funding provides the building blocks needed to improve communities," said Donovan. "Now, more than ever,
these grants promote neighborhood development, produce affordable housing, and help extremely low-income
persons find their place in their communities."
The funding announced today includes:
Community Grant type Grant BERWYN CDBG $1,498,366 BOLINGBROOK CDBG $343,748 HOFFMAN ESTATES CDBG $327,334 KANE COUNTY CDBG $1,294,877 HOME $799,482 TOTAL $2,094,359 PALATINE VILLAGE CDBG $443,851 Grand Total $4,707,658
Since 1974, HUDs Community Development Block Grant (CDBG) Program has provided approximately $132 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 communitys 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 nearly 950,000 affordable housing units, including 403,000 for new homebuyers. In addition,
224,000 tenants have received direct rental assistance. For more info, go to the HOME website (http://www.hud.gov/offices/cpd/affordablehousing/programs/home/)
HUD's mission is to create strong, sustainable, inclusive communities and quality affordable homes for all. HUD is working to strengthen the housing market to bolster the economy and protect consumers; meet the need for quality affordable rental homes: utilize housing as a platform for improving quality of life; build inclusive and sustainable communities free from discrimination; and transform the way HUD does business. More information about HUD and its programs is available on the Internet at www.hud.gov and espanol.hud.gov.