CUOMO ANNOUNCES $16.5 MILLION IN HUD HOUSING AND COMMUNITY DEVELOPMENT FUNDS FOR DENVER

WASHINGTON - Housing and Urban Development Secretary Andrew Cuomo today announced $16.5 million in HUD grants for housing and community development programs in Denver, in a telephone news conference with Denver Mayor Wellington E. Webb, Senator Ben Nighthorse Campbell and Congresswoman Diana DeGette.

"These funds will go toward community-based solutions to the housing and economic development challenges Denver faces," Cuomo said. "We are funding a comprehensive strategy to create jobs and affordable housing, help homeless people become self-sufficient, provide housing assistance to people with AIDS, and increase homeownership."

Under Denver's 1998 Consolidated Plan, which was approved by HUD, Denver will receive $11.5 million in Community Development Block Grant (CDBG) funds; $3.4 million under the HOME Investment Partnership program; $457,000 in Emergency Shelter Grant (ESG) funds for homeless programs; and $1.1 million in funding under the Housing Opportunity for Persons with AIDS (HOPWA) program.

Among the housing and community development efforts to be funded by the City this year are: Neighborhood Business Revitalization, providing small business loans for new and expanding neighborhood businesses in designated low- and moderate-income neighborhoods; a Revolving Loan Fund, providing small business loans for new and expanding commercial and industrial businesses located in Denver's Special Impact Area; and redevelopment in the Curtis Park/Five Points neighborhood.

Senator Ben Nighthorse Campbell said: "With Colorado's continued phenomenal growth, there still exists a need for affordable housing. Our state's growth is increasing the demand for housing and is fueling higher housing costs. A significant segment of our population can't keep up with those rising housing costs. That's why these funds are so important and necessary."

Congresswoman Diana DeGette said: "Denver is the fourth fastest growing metropolitan area in the United States and the influx of new Coloradans is driving up real estate values. Combining that situation with the existing shortage of low income housing is making it harder for working families to find safe, affordable housing in the Denver metropolitan area. Secretary of Housing Andrew Cuomo has recognized Denver's unique needs by allocating $11.5 million in Community Development Block Grant funds for rehabilitating and improving existing housing and creating new housing opportunities. This grant will significantly help the working families of Colorado who are in search of decent and affordable housing."

Denver Mayor Webb said: "Denver has enjoyed a great resurgence in recent years. But parts of our City have not benefited from this resurgence. The grant from HUD announced by Secretary Cuomo today will give us the assistance needed to reach and stabilize those important communities."

The Consolidated Planning process, developed by Cuomo when he served as HUD Assistant Secretary for Community Planning and Development, ensures that local residents have strong input into the creation of comprehensive, community-based housing and economic development plans. The streamlined process gives communities maximum local flexibility, while reducing burdensome regulatory requirements. Local HUD staff are empowered to work closely with communities to customize Consolidated Plans and help them realize their housing and economic development goals.