September 23, 2009 – (RealEstateRama) — Congressman Phil Hare (D-IL) today announced that the U.S. Department of Housing and Urban Development has awarded the city of Rock Island $306,026 from the American Recovery and Reinvestment Act though the Community Development Block Grant (CDBG) program.
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. Since 1974, CDBG has provided more than $127 billion to state and local governments to target their own community development priorities. The rehabilitation of affordable housing and the construction and improvement of public facilities have traditionally been the largest uses of CDBG funds, although the program is also an important catalyst for job growth and business opportunities. Annual CDBG funds are distributed to communities according to statutory formulas based on population, poverty, pre-1940 housing stock, growth lag, and housing overcrowding.
“CDBG is an extremely successful program that has helped many communities in my district revitalize its neighborhoods through economic development and affordable housing,” Hare said. “This is a big boost for Rock Island, which has been hit hard in the current recession but is undergoing many efforts to improve its local economy.”