HUD Archives: News Releases


HUD No. 08-03
Alan Gelfand
(973) 776-7205
For Release
Thursday
March 20, 2008

HUD ANNOUNCES OVER $5 MILLION FOR AFFORDABLE HOUSING AND COMMUNITY DEVELOPMENT IN MONMOUTH COUNTY
HUD to support a variety of local housing and development needs

NEWARK - U.S. Housing and Urban Development Secretary Alphonso Jackson today announced Monmouth County
will receive more than $5 million to support community development and produce more affordable housing. HUD's annual funding will also provide downpayment assistance to first-time homebuyers and will assist individuals and families who might otherwise be living on the streets.

"This funding will help Monmouth County to rebuild its neighborhoods and affordable housing stock," said Jackson.
"By helping communities to improve their infrastructure or assisting families to purchase their first home, HUD is
helping improve neighborhoods from the ground up."

The funding announced today includes:

  • $3,202,812 in Community Development Block Grant (CDBG) funds;
  • $2,040,154 in HOME Investment Partnerships (HOME) funding;
  • $    15,981 in American Dream Downpayment assistance; and
  • $   133,276 in Emergency Shelter Grant (ESG).
    $5,392,223 TOTAL

Since 1974, HUD's Community Development Block Grant (CDBG) Program has provided more than $120 billion to
state and local governments to target their own community development priorities. The rehabilitation of affordable housing and the improvement of public facilities have traditionally been the largest uses of CDBG although the
program is also an important catalyst for job growth and business opportunities. Annual CDBG funds are distributed
to communities according to a statutory formula based on a community's population, poverty, and 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 834,000 affordable housing units, including 352,000 for new homebuyers. In addition, 186,000 tenants have received direct rental assistance.

The American Dream Downpayment Initiative (ADDI) helps first-time homebuyers with the biggest hurdles 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 29,000 families to purchase their first home.

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 $14 million HUD awarded New Orleans and Jefferson Parish by competition, helps thousands of local homeless assistance programs to help those who would otherwise be living on the streets.

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.

###

 
Content Archived: October 18, 2011
 
t