HUD No. 07-18
July 31, 2007
HUD ANNOUNCES OVER $2 MILLION TO STIMULATE ECONOMIC DEVELOPMENT AND HOUSING IN THE CITY OF PASSAIC
HUD to support a variety of local housing and development needs
NEWARK - The City of Passaic will receive $2,142,900 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 Passaic's lower-income families.
"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:
- $1,212,971 in Community Development Block Grant (CDBG) funds; and
- $929,929 in Home Investment Partnerships (HOME) funding.
For over 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.
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 purchasing their first home. In addition, over 164,000 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 at www.hud.gov and espanol.hud.gov.