HUD Awards $9.8M To University-Driven Neighborhood Revitalization Programs

Posted by Orb Staff on September 20, 2010 No Comments
Categories : Residential Mortgage

The Department of Housing and Urban Development (HUD) has awarded $7.4 million to 10 historically black colleges and universities and $2.4 million to three Alaska Native and Native Hawaiian colleges and universities to stimulate neighborhood revitalization, promote affordable housing and economic development in their communities.

The funding was provided through two HUD programs – the Historically Black Colleges and Universities Program and the Alaska Native/Native Hawaiian Institutions Assisting Communities Program. In both programs, the colleges and universities will be responsible for acquiring properties, demolishing blighted structures, rehabilitating homes and improving accessibility, providing down-payment and closing-cost assistance to low- and moderate-income home buyers, and supporting housing counseling.

‘These colleges and universities can be powerful drivers to promote community and economic revitalization,’ says HUD Secretary Shaun Donovan. ‘The funding we announce today will improve communities and expand affordable housing beyond these campuses and into the communities served by these institutions of higher learning.’

SOURCE: Department of Housing and Urban Development [/

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