HUD Archives: News Releases
Eddie Woodhouse
(336) 547-4002 ext. 2058 		For Release
Wednesday
July 21, 2004

BUSH ADMINISTRATION ANNOUNCES OVER $700,000 TO STIMULATE ECONOMIC DEVELOPMENT AND HOUSING IN CHAPEL HILL/ORANGE COUNTY
HUD grants targeted to lower income persons and families in need

GREENSBORO - Orange County and the City of Chapel Hill will receive over $700,000 in federal funding to stimulate
its local economy, produce affordable housing and help the homeless, individuals and families, Housing and Urban Development Secretary Alphonso Jackson today announced.

"This Administration is committed to promoting economic development and job growth, increasing the supply of affordable housing, and helping our most vulnerable neighbors," said Jackson. "These funds will serve as a catalyst
for low-income families trying to cross the threshold into homeownership and reinforces our commitment to
rebuilding entire communities."

The funding announced today includes:

  • $711,000 in Community Development Block Grant (CDBG) funds for Chapel Hill; and
  • $54,145 in American Dream Downpayment assistance for Orange County
For the past 30 years, HUD's Community Development Block Grant (CDBG) Program has awarded over $100 billion to state and local governments to target their own community development priorities. CDBG is one of HUD's oldest and most popular programs. The rehabilitation of affordable housing has traditionally been the largest single use 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, income levels, poverty rates and the age of its housing stock.

The American Dream Downpayment Initiative (ADDI) aims to increase the homeownership rate, especially among lower income and minority households, and to revitalize and stabilize communities. ADDI will help 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. Information about this program is available at www.hud.gov/offices/cpd/affordablehousing/programs/home/addi/index.cfm

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

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Content Archived: July 11, 2011