|HUD No. 07-0901
(404) 331-5001 ext. 2008
September 10, 2007
HUD AWARDS $235,520 FOR AFFORDABLE HOUSING AND ECONOMIC DEVELOPMENT IN RURAL MISSISSIPPI
$16.8 million in Rural Housing and Economic Development grants awarded nationwide
JACKSON - Housing and Urban Development Secretary Alphonso Jackson today awarded $235,520 to one rural
housing program in Mississippi to stimulate economic development, create jobs and produce more affordable housing. The funding is part of $16.8 million in grants provided through HUD's Rural Housing and Economic Development Program nationwide.
In addition to the HUD grant announced today, rural communities are expected to generate more than $328,571
from other public and private sources to promote economic development and employment.
"These grants will go a long way toward producing more affordable housing in rural communities across our country," said Jackson. "HUD funding, and the private investment these grants will generate, will offer more than just an affordable home to working families in rural areas. These grants will trigger economic development and breathe new life into rural neighborhoods that are desperate to grow."
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 micro enterprises 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. RHED grants have provided nearly $190 million, creating more than 12,000 jobs, assisting nearly 8,200 businesses and producing nearly 20,000 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.
HUD is the nation's housing agency committed to increasing homeownership, particularly among minorities; 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. For more information about FHA products, please visit www.fha.gov.
The following Tunica County community will receive grants under HUD's Rural Housing and Economic Development Program this year:
FY 2007 RURAL HOUSING AND ECONOMIC DEVELOPMENT AWARD IN MISSISSIPPI
The Tunica County Community Development Coalition, Inc. in Tunica, Mississippi will receive a Rural Housing
and Economic Development Innovative grant award in the amount of $235,520. This Innovative award will assist the applicant in carrying out their proposed activities to improve the housing needs of Tunica in the Delta region. The funds will be utilized in several ways: providing homeownership counseling, financial literacy, setting up an IDA program, and in providing matching funding for a revolving Construction Loan Fund. The need for affordable housing
is paramount to this community. Having the means through providing loans and education will assist those seeking homeownership opportunities among in their targeted area partnering with this organization will be the LISC Mid-
South Delta along with the recipient. Proposed leveraging for this project is $328,571.
Contact Person: James Dunn
1097 Antioch Street, Tunica, MS 38676
Telephone Number: (662) 363-5990
For further information, contact Cassandra Terry at (601) 965-4700 x2105