BUSH ADMINISTRATION PROVIDES $40,000 GRANT TO PROMOTE ECONOMIC RECOVERY IN CABARRUS COUNTY, NC
Former Pillowtex Employees Will Benefit From Housing Counseling

GREENSBORO - The U.S. Department of Housing and Urban Development today awarded $40,000 in housing
counseling assistance grants to the Cabarrus County Community Development Corporation (CDC) in Cabarrus, N.C. The grants, used to counsel both current and prospective homeowners, are part of HUD's on-going efforts to
promote homeownership.

"This grant is a timely example of the Administration working with a non-profit group and the housing industry to
assist nearly 500 people in a region affected by a major corporation closure," said Brian Noyes, HUD's Southeastern Regional Director. "This funding will enable former Pillowtex employees and others to receive valuable counseling
that can help them save their homes."

The Carbarrus County CDC has been operating an extensive housing counseling program for the past eight years.
With the additional HUD funding, they expect to be able to substantially increase their caseload and the number
of Predatory Lending and Budgeting and Credit Repair workshops.

"Prior to and since the closing of Pillowtex, we have helped 20 families save their homes," said Louise Mack of the Cabarrus County CDC. "We are currently working with another dozen families who recently came to us for help in saving their homes. This funding will help us open the doors to even more families. All affected homeowners are encouraged to bring their documentation for a review of all legal rights concerning their mortgage."

The Cabarrus County CDC can be reached at (704) 786-7405. The objective of HUD's counseling grants are to improve the quality of renter and homeowner education, by helping families make better, more informed home purchases; improve their ability to budget for needed home expenses and regular mortgage or rent payments; and, make the lending process less frightening.

Cabarrus County CDC counselors will offer consumers advice and guidance on a wide variety of housing topics,
ranging from providing information on the homebuying process and financing a home to recognizing and avoiding predatory lending tactics, personal budgeting and credit repair; from default assistance and foreclosure avoidance
to fair housing rights; from meeting the responsibilities of tenancy to obtaining a home equity conversion mortgage.

The grant was awarded in conjunction with a collaborative partnership effort with the Department of Labor and
other agencies. Participants will also be eligible to use additional HUD resources such as City Community
Development Block Grants, and Economic Recovery Grants through the NC State Division of Community Assistance.

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 well as
enforces the nation's fair housing laws. More information about HUD and its programs is available on the Internet.

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