(973) 622-7900 ext. 3105
April 29, 2004
BUSH ADMINISTRATION ANNOUNCES NEARLY $4 MILLION TO STIMULATE ECONOMIC DEVELOPMENT AND HOUSING IN MONMOUTH COUNTY
HUD grants targeted to lower income persons and families in need
NEWARK, NJ - Monmouth County will receive nearly $4 million in
funding from the Department of Housing and Urban Development to
stimulate its economy, help homeless individuals and familes and
produce more affordable housing. HUD Secretary Alphonso Jackson
said the funding represents another investment in improving the
for Monmouth County'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 includes:
- $3,780,000 in Community Development Block Grant (CDBG) funds; and,
- $141,197 in Emergency Shelter Grant (ESG).
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.
Emergency Shelter Grants (ESG) help local communities
to meet the basic shelter needs of homeless individuals and families.
These grants also provide transitional housing and a variety of
support services designed to move the homeless away from a life
on the street toward permanent housing. This block grant program,
in concert with more than $1 billion HUD awards by competition,
helps thousands of local homeless assistance programs to help those
who would otherwise call the streets their home.
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.