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SECRETARY PRESTON AND GOVERNOR SCHWARZENEGGER ANNOUNCE $105 MILLION FOR AFFORDABLE HOUSING AND COMMUNITY DEVELOPMENT IN CALIFORNIA |
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From HUD Press Releases: U.S. Housing and Urban Development Secretary Steve Preston and California Governor Arnold Schwarzenegger today announced that the California State Program will receive more than $105 million to support community development and produce more affordable housing in the GoldenState. HUD's annual funding will also provide downpayment assistance to first-time homebuyers; assist individuals and families who might otherwise be living on the streets; and offer real housing solutions for individuals with HIV/AIDS. Since 1974, HUD's Community Development Block Grant (CDBG) Program has provided more than $120 billion to state and local governments to target their own community development priorities. Annual CDBG funds are distributed to communities according to a statutory formula based on a community's population, poverty, and age of its housing stock, and extent of overcrowded housing. The program was created to assist low-income first-time homebuyers in purchasing single-family homes by providing funds for downpayment, closing costs, and rehabilitation carried out in conjunction with the assisted home purchase. These grants also provide transitional housing and a variety of support services designed to move the homeless away from a life on the street toward permanent housing. This block grant program, along with more than $14 million HUD awarded New Orleansand Jefferson Parish by competition, helps thousands of local homeless assistance programs to help those who would otherwise be living on the streets. 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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