Grant process cut to an unprecedented 33 days to speed delivery of critical funds
WASHINGTON, DC – March 2, 2011 – (RealEstateRama) — More than 250 communities across the country will be able to increase the economic impact of their local community development and affordable housing programs through nearly $50 million in “capacity-building” grants awarded today by the U.S. Department of Housing and Urban Development (HUD). The funds awarded today will support three national organizations and are ultimately expected to produce approximately 8,000 units of affordable housing nationwide, and generate more than $1 billion in total development investment.
Three national groups were selected to distribute the funds to local initiatives that support affordable housing and community development – Local Initiatives Support Corporation (LISC); Enterprise Community Partners, Inc.; and Habitat for Humanity International (see attached list). As part of HUD’s effort to improve
As part of HUD Secretary Shaun Donovan’s strategic goal of transforming the way the Department does business, these grants are being awarded in an unprecedented 33 days after the application deadline compared to 124 days last year.
“These funds act as ‘multipliers’. By helping to build the capacity of local community-based housing and development organizations, we’re able to at least triple the impact of taxpayer dollars at the local level and, in today’s fiscal environment, that’s not just good government, that’s intelligent government,” said Mercedes Mãrquez, HUD’s Assistant Secretary for Community Planning and Development.
HUD’s Section 4 Capacity Building for Community Development and Affordable Housing Program encourages open competition among larger nonprofit groups and others while increasing technical and administrative support of projects that provideadequate housing, education, employment and shopping, safe streets and transportation. Because HUD’s capacity building grant program requires a minimum three-to-one private/public match, today’s grants will stimulate nearly $150 million in investments nationwide, and more than $1 billion in total development costs channeled to low- and moderate-income families.
The national groups awarded funding today will work with community development corporations, community housing development organizations (CHDOS) to carry out community development and affordable housing activities. This partnership will help to rebuild and revitalize neighborhoods, and improve the lives of residents by creating affordable housing opportunities and jobs through community and economic development activities that would not otherwise have occurred.
With the awards granted today, HUD expects that approximately 8,000 housing units will be built, renovated, or preserved, 1000 training opportunities will be offered, and more than $1 billion in total development investment will be channeled to low- and moderate-income communities in more than 250 communities nationwide. Since 2008, HUD’s Section 4 capacity-building grants constructed, renovated or preserved nearly 31,000 homes; provided 2,325 training opportunities for community development organizations (CDC) or community housing development organizations (CHDO); and stimulated $5.4 billion in total development activity. During that time, more than 1,000 different CDCs and CHDOs in 565 cities in 48 states were assisted directly.
HUD’s mission is to create strong, sustainable, inclusive communities and quality affordable homes for all. HUD is working to strengthen the housing market to bolster the economy and protect consumers; meet the need for quality affordable rental homes: utilize housing as a platform for improving quality of life; build inclusive and sustainable communities free from discrimination; and transform the way HUD does business. More information about HUD and its programs is available on the Internet at www.hud.gov and espanol.hud.gov.