HUD
No. 03-018 Alan Gelfand (973) 622-7900 ext. 3105 |
For
Release Thursday September 18, 2003 |
HUD DELIVERS ALMOST $400,000 IN COMMUNITY DEVELOPMENT AND HOUSING FUNDS FOR FRANKLIN TOWNSHIP
HUD grants invest in people and places in need
NEWARK - Franklin Township will receive $388,000 in federal
assistance through the Department of Housing and
Urban Development
to stimulate local economies and produce affordable housing. In
making today's announcement, HUD's Regional Director Marisel Morales
said the funding signals HUD's commitment to helping local communities
design their own plan to help lower income families.
"The funding we announce today is an investment in Franklin
Township's future - promoting economic development and job
growth," said Morales. "These resources are evidence of
HUD's continuing commitment to provide
communities with the resources
they need to meet the particular needs of their residents."
The funding announced today includes:
- $388,000 in Community Development Block Grant (CDBG) funds.
HUD's Community Development Block Grant (CDBG) Program
enables state and local governments to target their
own economic
development priorities. 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 for lower income families and neighborhoods.
HUD's block grant programs are distributed by formula around the country based on criteria including population, income levels, poverty rates and age of housing stock.
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.
###