HUD AWARDS FUNDING FOR AFFORDABLE HOUSING AND ECONOMIC DEVELOPMENT IN WOONSOCKET
Woonsocket Neighborhood Development Corporation Receives $300,000

U.S. Housing and Urban Development Secretary Steven Preston last week announced that a Woonsocket non-profit community development corporation received $300,000 in funding to produce affordable housing, create jobs and stimulate economic development. The grant is part of $16.9 million awarded to 60 programs nationwide through
HUD's Rural Housing and Economic Development Program.

"HUD is deeply invested in promoting affordable housing and community development throughout rural America," said Preston. "These grants will stimulate the kind of employment, economic growth, and housing development that will have a direct impact on working families in our rural communities."

The grant is being awarded to the Woonsocket Neighborhood Development Corporation, which will create 30 new homes and 45 rental units as well as 140 construction jobs. WNDC, which is partnering with Citizens Bank of Rhode Island on the project, will incorporate accessible and universal design features in all the units, and include Energy
Star certified appliances. The grant is expected to leverage $5 million in additional funding.

Rural Housing and Economic Development (RHED) grants help pay for land acquisition, new home construction,
housing demolition, infrastructure improvements and construction training. Other possible uses include
homeownership and financial counseling; financial assistance to homeowners, businesses and developers; creating microenterprises and small business incubators; and establishing lines of credit or revolving loan pools to benefit the local business community. In addition to the funding announced today, rural communities are expected to generate nearly $59 million from other public and private sources to promote economic development and employment.

Qualified applicants are local rural nonprofit organizations, community development corporations, federally
recognized Indian tribes, state housing finance agencies and/or local economic development agencies. RHED grants have provided nearly $223 million, creating/training more than 35,000 jobs, assisting nearly 5,500 businesses and
producing 14,000 affordable homes.

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NOTE TO REPORTERS: For information on how Woonsocket Neighborhood Development Corporation will use the
grant, please contact Joseph Garlick at (401) 762-0993. For information on HUD's Rural Housing and Economic Development grant, or other HUD services and programs, please contact Kristine Foye at (617) 994-8218.