HUD AWARDS FUNDING FOR ECONOMIC DEVELOPMENT IN ORONO
Four Directions Development Corporation Receives Nearly $300,000

U.S. Housing and Urban Development Secretary Steven Preston last week announced that an Orono non-profit community development corporation received nearly $300,000 in funding to stimulate economic development. The grant is part of $16.9 million awarded to 60 programs nationwide through HUD's Rural Housing and Economic Development Program to stimulate economic development, create jobs and produce more affordable housing.

"HUD is deeply invested in promoting affordable housing and community development throughout rural America,"
said Preston. "These grants will stimulate the kind of employment, economic growth, and housing development that will have a direct impact on working families in our rural communities."

The grant is being awarded to Four Directions Development Corporation, which is a Native-governed CDC that works to improve the social and economic conditions of the members of the four Maine tribes by investing in affordable housing and tribal business ventures. FDDC will use the grant to create the Wabanaki Cultural Tourism Center, which will include two lines of business: a tourism destination featuring high quality accommodations, cultural and eco-tourism packages, and educational courses/retreats; and a training lab featuring workforce development for tribal members and entrepreneurial training and management assistance for tourism-related business. The grant is
expected to leverage $288,223 in additional funding.

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 microenterprises and small business incubators; and establishing lines of credit or revolving loan pools to benefit the local business community. In addition to the funding announced today, rural communities are expected to generate nearly $59 million from other public and private sources to promote economic development and employment.

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 $223 million, creating/training more than 35,000 jobs, assisting nearly 5,500 businesses and producing 14,000 affordable homes.

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NOTE TO REPORTERS: For information on how Four Directions Development Corporation will use the grant, please contact Susan Hammond at (207) 866-6545. For information on HUD's Rural Housing and Economic Development
grant, or other HUD services and programs, please contact Kristine Foye at (617) 994-8218.