NEW YORK, NY – October 6, 2009 – (RealEstateRama) — The City of Jamestown will receive $421,657 in funding from the Department of Housing and Urban Development to stimulate its economy and produce affordable housing. HUD Secretary Shaun Donovan said the funding represents another investment in improving the living conditions for lower-income residents residing in Jamestown.
“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:
- $ 421,657 in Home Investment Partnerships (HOME) funding.
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 over 383,000 for new homebuyers purchasing their first home. In addition, over 209,000 tenants have received direct rental assistance.