Grants to Create Jobs and Expand Supply of Decent, Affordable Housing
Washington, DC – September 24, 2009 – (RealEstateRama) — Today, Rep. Bill Foster (IL-14) announced that the U.S. Department of Housing and Urban Development has awarded Kane County with two different grants, a Community Development Block Grant (CDBG) worth $1,210,514 and a HOME program grant worth $805,428.
“I am pleased to announce that Kane County has received $2,015,942 in HUD grants,” said Foster. “Aside from helping families who are having difficulty finding affordable housing during the economic downturn, this funding will also create jobs for local contractors who have also been hit hard by the recession.”
Kane County will use CDBG and HOME funds to support a variety of local projects and programs – everything from improving crumbling neighborhood infrastructure to providing rehab loans to homeowners in need.
Federal housing and community development funds leverage a substantial investment of private and other public resources as well. This is an important factor in Kane County’s project selection process.
“This year’s CDBG and HOME allocations will leverage another $11.5 million in local, state and private funding, for a total investment of approximately $13.5 million in the local economy,” said Scott Berger, Program Manager with the Kane County Development Department. “Taxpayers can think of these funds – their tax dollars – as a down payment on improvements that will benefit our residents over the long haul.”
The CDBG program provides annual grants to states and local units of government to develop viable urban communities by providing decent housing and a suitable living environment, and by expanding economic opportunities, principally for low- and moderate-income persons.
The HOME program helps to expand the supply of decent, affordable housing to low- and very low-income families by providing grants to states and local governments to fund housing programs that meet local needs and priorities.