HUD Provides $1B For Community Development Housing

Posted by Orb Staff on May 06, 2009 No Comments
Categories : Residential Mortgage

. Housing and Urban Development (HUD) Secretary Shaun Donovan has allocated $1 billion[/b] in funding to nearly 1,200 state and local governments through the American Recovery and Reinvestment Act of 2009. These grants will be provided through HUD's Community Development Block Grant (CDBG) program and will primarily benefit low- to moderate-income persons living in these communities. CDBG enables state and local governments to undertake a wide range of activities intended to create suitable living environments, provide affordable housing and create economic opportunities. ‘Today, we make another investment in the economic recovery of our cities, counties and states,’ says Donovan. ‘President Obama and I are anxious to put this money to work for long-term, sustainable community development. And like this administration, American taxpayers expect these funds to be spent prudently so they can quickly contribute to America's economic revitalization and growth.’ SOURCE

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