HUD
No. 04-11 Adam Glantz (212) 264-1100 |
For
Release Thursday April 29, 2004 |
BUSH ADMINISTRATION ANNOUNCES ALMOST $2 MILLION TO STIMULATE ECONOMIC DEVELOPMENT AND HOUSING IN THE TOWN OF AMHERST
HUD grants targeted to lower income persons and families in need
NEW YORK - The Town of Amherst will receive almost $2 million 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 Amherst's lower income families.
"This Administration is committed to promoting economic development
and job growth, increasing the supply of affordable housing, and
helping our most vulnerable neighbors," said Jackson. "These
funds will serve as a catalyst
for low-income families trying to
cross the threshold into homeownership and reinforces our commitment
to
rebuilding entire communities."
The funding announced today includes:
- $726,000 in Community Development Block Grant (CDBG) funds; and
- $1,240,441 in Home Investment Partnerships (HOME) funding.
For the past 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 committed to produce nearly 785,000 affordable housing units, including almost 300,000 for new homebuyers purchasing their first home. In addition, over 100,000 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 and espanol.hud.gov.
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