HUD To Provide Over $700,000 for Affordable Housing and Community Development in North Bergen

On Oct. 16 2008 U.S. Housing and Urban Development Secretary Shaun Donovan announced the Township of North Bergen will receive $738,535 to support community development and produce more affordable housing.

The funding is sponsored by HUD's Community Development Block Grant (CDBG) Program. Most of CDBG funds are aimed at rehabilitation of affordable housing and improvement of public facilities, which in turn is usually a major catalyst for local job growth and business climate. CDBG funds are distributed annually to communities based on a formula taking into account the population of a community, poverty levels, the age of the housing properties, and extent of overcrowded housing.

Since 1974, HUD's CDBG Program has provided approximately $124 billion to state and local governments, targeting their own revitalization priorities.

For investors and home-owners alike these infusions of capital are important aspect to consider when deciding where to purchase.