WASHINGTON – February 25, 2009 – (RealEstateRama) — Only eight days after President Barack Obama signed the American Recovery and Reinvestment Act into law, U.S. Rep. Bill Pascrell, Jr. (D-NJ-08) today announced that Passaic County and its municipalities will be awarded nearly $10 million in federal funding through various Department of Housing and Urban Development (HUD) grant programs.
“I am pleased that the recovery package is moving quickly to deliver for the New Jersey people hardest hit by this recession,” stated Pascrell. “This funding is a promising sign for struggling communities. It is also a critical life line for scores of families that are living in inadequate conditions and fighting to pay their rent and utility bills. Keeping families in their homes is a key to our economic recovery and essential to preserving the core of our communities and neighborhoods.”
Public Housing Capital Fund Program
The Paterson Housing Authority will receive $4,842,421 and the Passaic Housing Authority $1,561,986 in funding under the Public Housing Capital Fund Program. PHAs will use this funding for energy-efficient modernization and to make large-scale improvements to public housing developments, including critical safety repairs.
Homeless Prevention Grant Program
Under the Homeless Prevention Grant Program, financial assistance to prevent individuals and families from becoming homeless will be directly invested in Paterson and Clifton. Paterson is slated to receive $1,184,137 and City of Clifton will receive $581,485. Funding is targeted to those at the greatest risk of losing their housing and can be used for rental assistance and housing relocation, security or utility deposits, utility payments, moving costs and case management.
Community Development Block Grant Program (CDBG)
The Community Development Block Grant (CDBG) program will allow municipalities to target their most important community development priorities. Most local governments use this investment to rehabilitate affordable housing and improve key public facilities – helping to stabilize communities and create jobs locally. Clifton will receive $380,036; Passaic City $320,369; Paterson $773,878 and Wayne $53,022. Passaic County will receive $234,670 in CDBG funding.
Tax Credit Assistance Program (TCAP)
$61,243,670 will be made available to the New Jersey Housing and Mortgage Finance Agency for the Tax Credit Assistance Program (TCAP). The funding will be invested in Low-Income Housing Tax Credit Projects (LIHTC) for distribution to agencies within the state according to their allocation current plans.
Project-Based Rental Assistance
New Jersey will receive $78,912, 171 to invest in full 12-month funding for Section 8 project-based housing contracts. This funding will enable owners to undertake much-needed project improvements to maintain the quality of this critical affordable housing.
Funding for other New Jersey communities can be viewed at http://www.hud.gov/recovery/
For Information Contact
Caley Gray (973) 523-5152