Mortgage News March 15, 2023
The U.S. Department of Housing and Urban Development (HUD) has recently announced the provision of $5.6 billion in funding to support various community development initiatives. Over 2,400 grants will be distributed to 1,200 communities across the country, including states, urban counties, insular areas, DC, Puerto Rico, and local organizations. These annual formula grants are vital as they provide funding for affordable housing, community development, and homeless assistance programs.
According to HUD Secretary Marcia L. Fudge, in order to create sustainable communities, it is essential to implement comprehensive strategies that foster quality housing, appropriate living conditions, and broaden economic prospects for those in need. The new funding will allow communities to address their specific needs and prioritize what matters most to their residents. It will also enable them to take ownership of their investments in community development through federal resources.
The grants are distributed through various HUD programs, with $3.3 billion going to 1,239 states and localities to build stronger communities. Additionally, $1.5 billion will be given to 664 participating jurisdictions to produce affordable housing, $499 million will be allocated to 130 qualifying cities and eligible states to connect people with HIV/AIDS to housing and support, $290 million will be provided to 359 states and localities to address homelessness, and $30 million will be given to 23 states and the District of Columbia to aid recovery from substance use disorder.
HUD’s annual formula block grants will enable states and localities to invest in neighborhood success and allow people of modest means to thrive. This funding will enable communities to address pressing local needs, including building homes, supporting renters and homeowners, providing life-saving assistance to people experiencing homelessness, and improving public facilities, community resilience, and local economies.
The flexible funding provided by HUD grants will be of great significance to thousands of local programs in every state, American Samoa, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Guam, Hawaii, and the Northern Mariana Islands. These programs will be able to utilize the resources to build affordable housing, support renters and homeowners, provide critical assistance to people experiencing homelessness, and enhance public facilities, community resilience, and local economies. This funding is expected to make a significant impact on the communities and individuals who need it most.
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