HUD ALLOCATES MORE THAN $300 MILLION OF RECOVERY ACT FUNDING TO ASSIST NEW JERSEY COMMUNITIES
Nearly 75 percent of HUD Recovery Funds Allocated

NEWARK - The U.S. Department of Housing and Urban Development (HUD) just announced that it has allocated
nearly 75 percent of its funding, or $10.1 billion through the American Recovery and Reinvestment Act of 2009. New Jersey's allocation for all programs areas was $311,985,218, with the amounts for individual cities and counties for each program listed below. HUD's full portion of the Act totaled $13.6 billion, which was recently announced by President Obama.

The funding is primarily formula-based, meaning that it is allocated using set program criteria that do not require grantees to apply for the funds, allowing them to be allocated very quickly. The remaining 25 percent of the funds, which will be competitively awarded later, will be used to build on the President's priorities to promote green jobs
and mitigate the destabilizing effects of foreclosures on communities

"I am pleased to announce that we are moving swiftly to get these much-needed funds out to states and cities to create jobs and help stimulate our economy," said HUD Secretary Shaun Donovan. "Recovery Act investments in
HUD programs will be not just swift, but also effective: they will generate tens of thousands of jobs, help the
families and communities hardest hit by the economic crisis, and modernize homes to make them energy efficient".

For a detailed local summary of each of the following allocations, visit HUD's Recovery Website at www.hud.gov/recovery/.

Promoting Stable Communities and Helping Families Hardest Hit by the Economic Crisis

The following program investments will help communities and families that have experienced the brunt of the
economic downturn. Resources will be used to stabilize and revive local neighborhoods and housing markets with heavy concentrations of foreclosed properties. Funds will also assist the vulnerable families and individuals who
are on the brink of homelessness or have recently become homeless.

Community Development Block Grant Program (CDBG) - $1 billion nationally
HUD is allocating nearly $1 billion to approximately 1,200 state and local governments nationwide through the Department's Community Development Block Grant (CDBG) program to target their own community development priorities. Most local governments use this investment to rehabilitate affordable housing and improve key public facilities - helping to stabilize communities and create jobs locally.

In New Jersey, the State and 56 cities and counties received a total of $26,744,109 in funding,
listed below:

Emergency Shelter Grant Program/Homelessness Prevention - $1.5 billion nationally
HUD is allocating nearly $1.5 billion to state and local governments to help rapidly re-house homeless persons and families who enter shelters.

In New Jersey, the State and 23 cities and counties will receive a total of $40,919,501 as
listed below:

Promoting Energy Efficiency and Creating Green Jobs

These program investments are powerful vehicles for economic recovery because they work quickly, are labor-intensive, create jobs where they are needed most, and lead to lasting neighborhood benefits. Many will also reduce greenhouse gas emissions and save Americans money by retrofitting housing to make it more energy efficient.

Public Housing Capital Fund Program - $3 billion nationally
HUD is allocating nearly $3 billion to 3,134 public housing agencies to develop, finance, and modernize public housing in their communities. Local PHAs will use this funding for energy-efficient modernization and to make large-scale improvements to public housing developments, including critical safety repairs. In addition to the funding allocated through this capital fund, HUD is working to competitively award another $1 billion to local housing agencies to support catalytic investments, particularly investments that leverage private sector financing to retrofit public
housing and enhance energy conservation.

In New Jersey, 80 housing authorities received a total of $104,165,767 as listed below:

Supporting Shovel-Ready Projects and Assisted Housing Improvements

These program investments will support a broad range of housing and community development projects that are
ready to go. Many of these projects have been held up for lack of private investment due to fallout from the
broader economic crisis and credit crunch.

Tax Credit Assistance Program (TCAP) - $2.25 billion nationally
Funded under HUD's HOME Program, TCAP grants will help State Housing Finance Agencies to kick-start the production of stalled affordable rental housing projects that rely on Low-Income Housing Tax Credits. These
agencies will distribute the funds competitively and give priority to housing projects that can begin construction immediately.

New Jersey's allocation for TCAP is $61,243,670.

Project-Based Rental Assistance - $2 billion
HUD is allocating $2 billion to invest in full 12-month funding for Section 8 project-based housing contracts. This funding will enable owners to undertake much-needed project improvements to maintain the quality of this critical affordable housing.

New Jersey's allocation for this program is $78,912,171 for 131 contracts.

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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.