|HUD No. 07-04
July 31, 2007
HUD ANNOUNCES OVER $14 MILLION FOR AFFORDABLE HOUSING AND COMMUNITY DEVELOPMENT IN BERGEN COUNTY
NEWARK - Housing and Urban Development Secretary Alphonso Jackson today announced that Bergen County will receive $14,673,240 to promote a variety of community development and affordable housing programs. HUD funding will also provide downpayment assistance to first-time homebuyers and assist individuals and families who might otherwise be living on the streets.
"This funding helps breathe new life into neighborhoods," said Jackson. "By helping communities to improve their infrastructure or assisting families to purchase their first home, HUD is helping improve neighborhoods from the
The funding announced today includes:
- $10,812,323 in Community Development Block Grant (CDBG) funds;
- $3,337,459 in HOME Investment Partnerships (HOME) funding;
- $60,386 in American Dream Downpayment assistance (ADDI); and,
- $463,072 in Emergency Shelter Grant (ESG).
Since 1974, HUD's Community Development Block Grant (CDBG) Program has awarded approximately $120 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 more than 780,000 affordable housing units, including over 329,000 for new homebuyers. In
addition, over 164,000 tenants have received direct rental assistance.
The American Dream Downpayment Initiative (ADDI) helps first-time homebuyers with the biggest hurdle to homeownership: downpayment and closing costs. The program was created to assist low-income first-time homebuyers in purchasing single-family homes by providing funds for downpayment, closing costs, and rehabilitation carried out in conjunction with the assisted home purchase. Since the program's inception, ADDI has assisted nearly 24,000 households to purchase their first home. Information about this programis available at HUD's website.
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, along with more than
$1 billion in HUD grants awarded 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, 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.