OKLAHOMA CITY, OK – September 9, 2009 – (RealEstateRama) — U.S. Housing and Urban Development Secretary Shaun Donovan today announced that Tulsa County will receive a total of $2,588,451 to support community development and produce more affordable housing.
“This funding represents HUD’s continuing investment in helping our local partners improve their communities,” said Donovan. “If we hope to lay the groundwork for sustainable growth and prosperity in the future, it’s critical that we help state and local communities to make the needed improvements and to produce more affordable housing.” The funding announced today includes:
- $1,280,743 in Community Development Block Grant (CDBG) funds;
- $1,307,708 in HOME Investment Partnerships (HOME) funding;
- $2,588,451 TOTAL
Tulsa County shares its HOME funds with parts of Creek, Osage, Rogers, Wagoner, and Washington Counties.
Since 1974, HUD’s Community Development Block Grant (CDBG) Program has provided approximately $124 billion to state and local governments to target their own community development priorities. The rehabilitation of affordable housing and the improvement of public facilities have traditionally been the largest uses of CDBG although the program is also an important catalyst for job growth and business opportunities. 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.
HOME (HOME Investment Partnerships Program is the largest federal block grant to state and local governments designed exclusively to produce affordable housing for low-income families. Since 1992, more than 600 communities have completed more than 900,000 affordable housing units, including 383,000 for new homebuyers. In addition, 209,000 tenants have received direct rental assistance.