HUD AWARDS FUNDING FOR AFFORDABLE HOUSING AND ECONOMIC DEVELOPMENT IN NANTUCKET
Grants designed to create jobs & affordable housing

U.S. Housing and Urban Development Secretary Shaun Donovan today awarded $300,000 to NHA Properties, Inc.
in Nantucket to stimulate economic development, create jobs and produce more affordable housing. The funding is provided through HUD's Rural Housing and Economic Development Program. The grants announced today are part of $25 million HUD is awarding to 85 rural housing programs throughout the country.

"These grants will create jobs and produce critically needed affordable housing throughout rural areas of our country that are desperate for both," said Donovan. "We are committed to an economic recovery that is sustainable and reaches every corner of our country, including rural communities that are so important to our nation's economic health."

NHA Properties, Inc. will use the funding to construct four units of housing for the Housing Resource Center. This award will provide energy efficient upgrades, solar power, education programs, homebuyers training along with other rural housing and economic activities for the low income residents of Nantucket. Partners in this project include Nantucket Bank, Community Preservation Committee, Nantucket Community School, Nantucket Housing Authority
and the Nantucket Rental Assistance Program.

Rural Housing and Economic Development (RHED) grants support 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.

Qualified applicants are local rural nonprofit organizations, community development corporations, federally
recognized Indian tribes, State housing finance agencies and/or local economic development agencies. Since 1998, RHED grants have provided nearly $250 million, creating/training more than 41,000 jobs, assisting nearly 6,300 businesses and producing nearly 16,000 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.

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HUD is the nation's housing agency committed to sustaining homeownership; 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 espanol.hud.gov.