(336) 547-4002 ext. 2058
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
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
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.