News Release

HUD ANNOUNCES OVER $2 MILLION FOR AFFORDABLE HOUSING AND COMMUNITY DEVELOPMENT IN THE CITY OF TROY
HUD to support a variety of local housing and development programs

NEW YORK - The City of Troy will receive $2,204,081 in funding from the Department of Housing and Urban Development to stimulate its economy and produce affordable housing. HUD Secretary Alphonso Jackson said the funding represents another investment in improving the living conditions for Troy's lower-income families and most vulnerable citizens.

"This funding helps breathe new life into neighborhoods," said Jackson. "By helping communities to improve their infrastructure or assisting families to purchase their first home, HUD is helping improve neighborhoods from the ground up."

The funding announced today includes:

• $2,112,568 in Community Development Block Grant (CDBG) funds; and
• $91,513 in Emergency Shelter Grant (ESG).

The funding announced today emanates from HUD's Community Development Block Grant (CDBG) Program. For over 30 years, HUD's CDBG Program has awarded approximately $120 billion to state and local governments to target their own community development priorities. CDBG is one of HUD's oldest and most popular programs. The rehabilitation of affordable housing has traditionally been the largest single use of the grants although CDBG is also an important catalyst for job growth and business opportunities. CDBG funds are distributed by formula around the country based on a community's population, income levels, poverty rates and the age of its housing stock.

Emergency Shelter Grants (ESG) help local communities to meet the basic shelter needs of homeless individuals and families. These grants also provide transitional housing and a variety of support services designed to move the homeless away from a life on the street toward permanent housing. This block grant program, in concert with more than $1 billion HUD awards by competition, helps thousands of local homeless assistance programs to help those who would otherwise call the streets their home.

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