HUD No. 08-04
March 20, 2008
HUD ANNOUNCES OVER $400,000 FOR AFFORDABLE HOUSING AND COMMUNITY DEVELOPMENT IN ASBURY PARK
NEWARK - U.S. Housing and Urban Development Secretary Alphonso Jackson today announced the City of Asbury
Park will receive $446,720 to support community development and produce more affordable housing.
"This funding will help Asbury Park 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 emanates from HUD's Community Development Block Grant (CDBG) Program. Since 1974, HUD's 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.
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.