HUD approves four New Mexico cities’ Recovery Act plans to revitalize neighborhoods and create jobs

ALBUQUERQUE, NM – July 16, 2009 – (RealEstateRama) — U.S. Housing and Urban Development Secretary Shaun Donovan today approved plans for four New Mexico cities to use funds totaling $1,652,406 to help stabilize and revive local neighborhoods, rehabilitate affordable housing, and improve key public facilities. Funded through the American Recovery and Reinvestment Act of 2009, HUD’s Community Development Block Grant (CDBG) Program will support state and local community development while stimulating employment. Cities and amounts follow.

“The President’s Recovery Act allows us to invest in local solutions to the many challenges our cities and counties are confronting,” said Donovan.

The Recovery Act includes $1 billion in CDBG funding nationwide to assist State and local governments to promote a wide range of community development activities. These funds are expected to stabilize property values, prevent neighborhood blight, and create and preserve jobs. To read about each city’s planned use for its funds, visit HUD’s Recovery Act website and click on the map of New Mexico under “CDBG, Proposed Activities.”

Since 1974, HUD’s CDBG Program has provided approximately $124 billion to state and local governments to target their own community development priorities. The rehabilitation of affordable housing and the improvement of public facilities have traditionally been the largest uses of CDBG although the program is also an important catalyst for job growth and business opportunities. Under the Recovery Act, recipients shall give priority to projects that can award contracts based on bids within 120 days.

The four cities and funding amounts are:

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HUD is the nation’s housing agency committed to sustaining homeownership; creating affordable housing opportunities for low-income Americans; and supporting the homeless, elderly, people with disabilities and people living with AIDS. The Department also promotes economic and community development and enforces the nation’s fair housing laws. More information about HUD and its programs is available on the Internet at www.hud.gov and espanol.hud.gov.