(973) 622-7900 ext. 3105
September 18, 2003
HUD DELIVERS OVER $2 MILLION IN COMMUNITY DEVELOPMENT AND HOUSING FUNDS FOR SOMERSET COUNTY
HUD grants invest in people and places in need
NEWARK - Somerset County will receive $2,317,872 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 Somerset
County's future - promoting economic development
and job growth, and increasing the supply of affordable housing," 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:
- $1,533,000 in Community Development Block Grant (CDBG) funds.
- $784,872 in Home Investment Partnerships (HOME) funding.
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.
HOME (Home Investment Partnerships Program) is the
largest federal block grant to state and local governments designed
exclusively to create affordable housing for low-income households.
Since 1992, nearly 700,000 affordable housing units have been
acquired, constructed or rehabilitated and nearly 70,000 tenants
have received direct
rental assistance. In addition, more than 200,000 new homebuyers have received assistance to purchase their first homes through the HOME program.
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.