HUD No. 06-004
(601) 965-4700 ext. 2110
May 4, 2006
HUD ANNOUNCES $1,559,952 MILLION FOR AFFORDABLE HOUSING AND COMMUNITY DEVELOPMENT IN GULFPORT
HUD to support a variety of local housing and development programs
JACKSON - Housing and Urban Development Secretary Alphonso Jackson today announced Gulfport will receive $1,559,952 million to promote a variety of community development and affordable housing programs. HUD funding
will also provide downpayment assistance to first-time homebuyers and assist individuals and families who might otherwise be living on the streets. Jackson also announced grants to provide real housing solutions for individuals
"This funding will help build better communities from the ground up," said Jackson. "Whether it's assisting
communities to improve their infrastructure or helping first-time homebuyers to realize their 'American Dream,' HUD
is helping neighborhoods become better places to live and work."
The funding announced today includes:
- $785,554 in Community Development Block Grant (CDBG) funds;
- $759,589 in HOME Investment Partnerships (HOME) funding; and
- $14,809 in American Dream Downpayment assistance.
Since 1974, HUD's Community Development Block Grant (CDBG) Program has awarded approximately $115 billion to state and local governments to target their own community development priorities. CDBG is one of HUD's oldest and most flexible and popular programs. The rehabilitation of affordable housing and construction of public facilities and improvements have traditionally been the largest uses of the grants, although CDBG is also an important catalyst for job growth and business opportunities. CDBG funds are distributed by formula around the country based on a community's population, poverty, the 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 almost 670,000 affordable housing units, including over 282,000 for new homebuyers. In addition, over 138,000 tenants have received direct rental assistance.
The American Dream Downpayment Initiative (ADDI) helps first-time homebuyers with the biggest hurdle to homeownership: downpayment and closing costs. The program was created to assist low-income first-time homebuyers in purchasing single-family homes by providing funds for downpayment, closing costs, and rehabilitation carried out in conjunction with the assisted home purchase. Since the program's inception, ADDI has assisted over 14,400 households to purchase their first home.
HUD is the nation's housing agency committed to increasing homeownership, particularly
among minorities, creating affordable housing opportunities for low-income Americans,
supporting the homeless, elderly, people with disabilities and people living
with AIDS. The Department also promotes economic and community development as
enforces the nation's fair housing laws. More information about HUD and its programs is available on the Internet and espanol.hud.gov.