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April 29, 2004
BUSH ADMINISTRATION ANNOUNCES MORE THAN $600,000 TO STIMULATE ECONOMIC DEVELOPMENT AND HOUSING IN LONG BRANCH
HUD grants targeted to lower income persons and families in need
NEWARK, NJ - The City of Long Branch will receive $617,000 in funding from the Department of Housing and Urban Development to stimulate its economy and produce affordable housing. HUD Secretary Alphonso Jackson said the funding represents another investment in improving the living conditions for Long Branch's lower income families.
"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 is provided through HUD's Community Development Block Grant (CDBG) Program.
For the past 30 years, CDBG 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.
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,
and people with disabilities. 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.