BUSH ADMINISTRATION ANNOUNCES $785,000 TO STIMULATE ECONOMIC DEVELOPMENT AND HOUSING IN LAKEWOOD
HUD grants targeted to lower income persons and families

SEATTLE - The City of Lakewood will receive $785,000 in funding from the U.S. Department of Housing and Urban Development to stimulate its economy, produce affordable housing, and expand economic opportunities to low-to moderate–income persons. HUD Secretary Alphonso Jackson said the funding represents another investment in improving the living conditions for Washington'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.

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.

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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