BUSH ADMINISTRATION ANNOUNCES MORE THAN $400 MILLION TO STIMULATE ECONOMIC DEVELOPMENT AND HOUSING IN NEW YORK CITY
HUD grants targeted to lower income persons and families in need

NEW YORK - New York City will receive more than $400 million in funding from the Department of Housing and Urban Development to stimulate its economy, produce affordable housing, and help the homeless. HUD Secretary Alphonso Jackson said the funding represents another investment in improving the living conditions for New York City 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."

• $218,835,000 in Community Development Block Grant (CDBG) funds;
• $128,609,784 in Home Investment Partnerships (HOME) funding;
• $8,143,643 in Emergency Shelter Grant (ESG); and
• $60,355,000 in Housing Opportunities for Persons with AIDS (HOPWA).

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.

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, in concert with more than $1 billion HUD awards by competition, helps thousands of local homeless assistance programs to help those
who would otherwise call the streets their home.

Housing Opportunities for Persons with AIDS (HOPWA) provides needed housing assistance and services to low-
income people living with HIV/AIDS. These monies to non-profit groups across the country are a vital part of the comprehensive system of care that people need to cope with HIV/AIDS. A stable home environment is a critical component for low-income persons managing complex drug therapies and potential side effects from their
treatments.

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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