Feature Story

June 25, 2008

HUD ACCEPTS $350 MILLION MISSISSIPPI PLAN TO PRODUCE THOUSANDS OF AFFORDABLE HOUSING UNITS FOR WORKING FAMILIES

From HUD Press Releases:

U.S. Housing and Urban Development Secretary Steve Preston today accepted a $350 million plan by the State of Mississippi to produce thousands of affordable housing units for working families who continue to experience a chronic housing shortage in the State.

Mississippi's Long Term Workforce Housing Plan will provide grants and loans to local communities, nonprofit organizations and private developers to produce approximately 12,000 affordable homes in Hancock, Harrison, Jackson, and Pearl River counties.

Mississippi's final plan was provided to HUD for its review on May 30th.

The funding to support the plan is part of $5.4 billion in Community Development Block Grant (CDBG) assistance the Department allocated to Mississippi following the Hurricanes of 2005.

"It's been nearly three years since Hurricane Katrina wiped out much of the housing stock in South Mississippi and working families continue to struggle to find a decent home," said Preston.

The Mississippi plan accepted today is designed to ensure that significant portions of affordable units are created within mixed-income neighborhoods to assist working families.

The State intends to create these mixed-income communities by fostering market rate rental units in properties that will also serve a range of low-income households or by supporting single-family homes in the developments with a range of affordable housing.

Last September, Mississippi issued a Request for Proposal that sought qualified individuals and non-profits and for profit entities to develop Long Term Workforce Housing programs.

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.

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