|HUD No. 07-26
August 29, 2007
HUD ANNOUNCES OVER $2 MILLION FOR AFFORDABLE HOUSING AND COMMUNITY DEVELOPMENT IN GLOUCESTER COUNTY
NEWARK - Housing and Urban Development Secretary Alphonso Jackson today announced that Gloucester County
will receive $2,392,726 to promote a variety of community development and affordable housing programs. HUD
funding will also provide downpayment assistance to first-time homebuyers.
"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:
- $1,641,184 in Community Development Block Grant (CDBG) funds;
- $737,814 in HOME Investment Partnerships (HOME) funding; and
- $13,728 in American Dream Downpayment assistance (ADDI).
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 purchasing their first home. 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 program is available at HUD's website.
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.