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Tag Archives: U.S. Department of Housing and Urban Development (HUD)
In two press releases, the U.S. Department of Housing and Urban Development (HUD) announced that it is awarding $1.5 million in the Lower Mississippi River Delta, and $550,000 in the Appalachian region, to stimulate local economies, produce more affordable housing, and boost job growth.
In the Lower Mississippi River Delta, the funding is provided through the Delta Community Capital Initiative (DCCI). San Antonio-based LiftFund will receive a $1 million grant. Community Resource Group and Southern Bancorp Capital Partners will each receive grants of more than $200,000. Each of these grantees’ projects involve increasing lending to small businesses and entrepreneurs in eligible Delta regions and are summarized in the press release at the bottom of the page.
In the Appalachian region, funding is provided through HUD’s Appalachian Economic Development Initiative (AEDI). There HUD is awarding $200,000 to the Kentucky Department for Local Government and $350,000 to the Maryland Department of Housing and Community Development (DHCD) to help these organizations provide small business loans in economically distressed Appalachia. Summaries of these projects are likewise provided in the press release.
In speaking of both regions, HUD Secretary Julián Castro emphasized the role of business development and job creation in helping to produce more affordable housing opportunities. With reference specifically to Appalachia:
“This funding, coupled with private investment, will spark economic development, create jobs, increase access to affordable housing, and strengthen communities. HUD looks forward to working with local leaders in continued partnership to build a more prosperous tomorrow.”