|HUD No. 06-07
March 24, 2006
HUD ANNOUNCES $1.9 MILLION FOR AFFORDABLE HOUSING AND COMMUNITY DEVELOPMENT IN ATLANTIC CITY
HUD to support a variety of local housing and development programs
NEWARK, NJ - Housing and Urban Development Secretary Alphonso Jackson today announced Atlantic City will
receive nearly $1.9 million to promote a variety of community development and affordable housing programs.
"This funding will help build better communities from the ground up," said Jackson. "Whether it's assisting
communities to improve their infrastructure or helping first-time homebuyers to realize their 'American Dream,' HUD
is helping neighborhoods become better places to live and work."
The funding announced today includes:
- $1,386,286 in Community Development Block Grant (CDBG) funds; and,
- $499,547 in HOME Investment Partnerships (HOME) funding.
Since 1974, HUD's Community Development Block Grant (CDBG) Program has awarded approximately $115 billion to state and local governments to target their own community development priorities. CDBG is one of HUD's oldest and most flexible and popular programs. The rehabilitation of affordable housing and construction of public facilities and improvements have traditionally been the largest uses 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, poverty, the age of its housing stock, and extent of overcrowded housing.
HOME (HOME Investment Partnerships Program) is the largest federal block grant to state and local governments designed exclusively to produce affordable housing for low-income families. Since 1992, more than 600 communities have completed almost 670,000 affordable housing units, including over 282,000 for new homebuyers. In addition, over 138,000 tenants have received direct rental assistance.
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, 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.