|HUD No. 11-44
June 13, 2011
HUD ANNOUNCES OVER $2 MILLION FOR COMMUNITY DEVELOPMENT AND AFFORDABLE HOUSING IN NEW ROCHELLE FOR REMAINDER OF FY2011
NEW YORK - U.S. Housing and Urban Development Secretary Shaun Donovan today announced that the City of New Rochelle will receive $2,109,815 to support community development and produce more affordable housing.
The FY2011 Continuing Resolution significantly reduced overall funding for the CDBG and HOME programs compared to last year. The nation's CDBG funding was reduced by more than $600 million, or approximately 16.5 percent, while the HOME program funding was reduced by more than $200 million, or approximately 11.7 percent.
"This year's block grant funding requires tough choices that we would not have made in better circumstances," Donovan said. "As we work under the challenges of our nation's deficit, we must also understand that these programs are absolutely essential in promoting community development, producing affordable housing, helping our homeless and even supporting long-term disaster recovery."
The funding announced today includes:
- $ 1,519,436 in Community Development Block Grant (CDBG) funds; and
- $ 590,379 in HOME Investment Partnerships (HOME) funding.
Since 1974, HUD's Community Development Block Grant (CDBG) Program has provided approximately $132 billion to state and local governments to target their own community development priorities. Economic development, infrastructure, and the improvement of public facilities have traditionally been the largest uses of CDBG. It is also an important catalyst for job growth and business development. 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 over one million affordable housing units, including 428,000 for new homebuyers. In addition, 242,000 tenants have received direct rental assistance.
HUD's mission is to create strong, sustainable, inclusive communities and quality affordable homes for all. HUD is working to strengthen the housing market to bolster the economy and protect consumers; meet the need for quality affordable rental homes: utilize housing as a platform for improving quality of life; build inclusive and sustainable communities free from discrimination; and transform the way HUD does business. More information about HUD and its programs is available on the Internet at www.hud.gov and espanol.hud.gov. You can also follow HUD on Twitter at @HUDnews or on Facebook at www.facebook.com/HUD, or sign up for news alerts on HUD's News Listserv.