STATE OF CALIFORNIA -BUSINESS, TRANSPORTATION, AND HOUSING
AGENCY ARNOLD SCHWARZENEGGER,
Governor
DEPARTMENT OF HOUSING AND COMMUNITY
DEVELOPMENT
COMMUNICATIONS
1800 Third Street, Room 450
Sacramento, CA 95811
(916) 445-4775
Fax (916) 324-5107
FOR IMMEDIATE RELEASE
Date: September 26, 2008
Contact: Jennifer Sweeney
Director of Communications
(916)
445-4775
California Receives More Than a
Half Billion Dollars to Rejuvenate Neighborhoods Hit Hardest by
Foreclosures
Sacramento – Today California received
$529 million dollars from the federal Housing and Urban Development (HUD)
Department to help renovate and rehabilitate foreclosed homes, eliminate blight
and reinvigorate and stabilize the affected neighborhoods. Of those funds,
the California Department of Housing and Community Development (HCD) will
administer $145 million to local jurisdictions who do not get money directly
from HUD.
“This money will rejuvenate neighborhoods and
communities that are hardest hit by the foreclosure crisis. HCD is
committed to getting this funding out as quickly as possible to provide prompt
relief and assistance to individuals, families and communities throughout
California,” said Lynn L. Jacobs, Director of HCD.
The funds are the state’s share of $3.9 billion
in funds from the Housing and Economic Recovery Act of 2008, passed by Congress
in July. The funds will assist local governments in purchasing abandoned
and foreclosed homes and residential property.
Consistent with the existing program
administered by HCD and local governments, this funding allows localities to
renovate and rehabilitate those homes, eliminating blight and reinvigorating and
stabilizing the affected neighborhoods. The funds will be awarded over the
next 18 months.
Over the next 60 days HCD will be developing an
action plan and application process for these funds. HCD is committed to
working with local governments throughout California in developing an efficient
process that will bring stability back to their communities.
HCD provides leadership,
policies and programs to preserve and expand safe and affordable housing
opportunities and promote strong communities for all Californians. The
Department also supports increasing the supply of housing, especially affordable
housing and works to improve the state’s housing conditions and the health and
safety of its residents. As the lead housing department, HCD is part of
the state Business, Transportation and Housing Agency.
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