Hud Awards $24 Million For Housing In 37 States
Grants of $23.7 million to more than a hundred rural communities in 37 states and Puerto Rico have been announced by the U.S. Department of Housing and Urban Development. The grants are to stimulate local economies, produce more affordable housing and create jobs. The funding is provided through HUD’s Rural Housing and Economic Development Program.
In addition to the HUD funding, the rural communities are expected to generate $35 million from other public and private sources to further promote economic development and employment.
Rural Housing and Economic Development grants help pay for land acquisition, new home construction, housing demolition, infrastructure improvements and construction training. Other possible uses include homeownership and financial counseling; financial assistance to homeowners, businesses and developers; creating microenterprises and small business incubators; and, establishing lines of credit or revolving loan pools to benefit the local business community.
Rural non-profit organizations, federally recognized Native American tribes, community development corporations and state community and economic development agencies will administer these grants. The funding will help 103 rural communities to build and improve affordable housing, create jobs and generate community and economic development.
Rural communities will use this funding as seed money to pay the start-up costs for housing or economic development projects. These grants will also help organizations to hire and train their staffs, develop strategic plans and acquire office space and other needed facilities.
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.
The Department also promotes economic and community development as well as enforces the nation’s fair housing laws.
