The U.S. Department of Housing and Urban Development (HUD) announced it is releasing $41 million for local affordable housing and community development activities that benefit people with low incomes.
HUD said the funding is being awarded through its Capacity Building for Affordable Housing and Community Development program, also known as Section 4.
“President [Joe] Biden’s top priority is lowering costs for the American people, and at HUD, we are working to increase the supply of affordable housing to ease the burden of housing costs,” HUD Secretary Marcia Fudge said in a release. “With the funds, communities can scale up their efforts to provide safe, affordable homes for their residents and meet their community development needs.”
According to HUD, the Section 4 program assists housing development organizations like Community Development Corporations (CDCs) and Community Housing Development Organizations (CHDOs) in creating affordable housing and community development activities which benefit low- and moderate-income persons.
The three national organizations which will receive the funds (Enterprise Community Partners, Local Initiatives Support Corp. and Habitat for Humanity International) are expected to generate nearly $122 million in total investments with the help of 3:1 matching grants.
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