Community Development Block Grant
CDBG funds may be used to provide affordable housing, services, and jobs for the most vulnerable in our communities. Generally, appropriations are allocated to states and local jurisdictions. Entitlement communities are comprised of central cities of metropolitan statistical areas; metropolitan cities with populations of at least 50,000; and qualified urban counties with a population of 200,000 or more (excluding the populations of entitlement cities). States distribute CDBG funds to non-entitlement localities not qualified as entitlement communities.
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Neighborhood Stabilization Program
The Neighborhood Stabilization Program provides emergency assistance to state and local governments to acquire and redevelop foreclosed properties that might otherwise become sources of abandonment and blight within their communities. The Neighborhood Stabilization Program (NSP) provides grants to purchase foreclosed or abandoned homes and to rehabilitate, resell, or redevelop these homes in order to stabilize neighborhoods and stem the decline of house values of neighboring homes.
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HOME Investment Partnerships
HOME provides formula grants to States and localities that communities use-often in partnership with local nonprofit groups-to fund a wide range of activities that build, buy, and rehabilitate affordable housing for rent. This grant provides an additional amount for capital investments in low-income housing tax credit projects.
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Public Housing Capital Fund
$3.0 billion to public housing authorities per formula for the Public Housing Capital Fund for capital improvements related to public housing. Money will become available to public housing agencies within 30 days of signing the bill. In addition, there is another $1 billion for public housing authorities in competitive grants to public housing authorities for priority capital improvements and rehabilitation. Funding remains available until September 30, 2009.
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Homelessness Prevention
For homelessness prevention and rapid re-housing activities. Specifically, the funds must be used for short term or medium term rental assistance, housing relocations, and stabilization services (including housing search, mediation, outreach to property owners, credit repair, security or utility deposits, utility payments, rental assistance for a final month at location, moving cost assistance, and case management) for homelessness prevention or re-housing to recently homeless.
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Assisted Housing Stability and Energy and Green Retrofit Programs
$2 billion for project based rental assistance (e.g., “Section 8”) for a 12-month period. In addition, $250 million for grants or loans for energy retrofit and green investments in such assisted housing.
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Economic Development Administration
The funding provision specifically refers to leveraging private investment, stimulating employment, and increasing incomes in economically distressed communities. Generally, the Economic Development Administration (within the Department of Commerce) assists state and local interests design and implement strategies to adjust or bring about change in distressed economic areas. Program focuses on areas that have experienced or are under threat of serious structural damage to the underlying economic base. Aids the long-range economic development of areas with severe unemployment and low family income problems; aids in the development of public facilities and private enterprises to help create new, permanent jobs.
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Community Development Financial Institutions
According to the website of the Community Development Financial Institutions Fund, Community Development Financial Institutions (CDFIs) and Community Development Entities (CDEs) provide capital, credit and financial services in economically distressed communities. These community-based lenders are used to responsibly deploy resources to support homeowners and businesses. The legislation appropriates an additional $100 million, of which $90 million will apply to the CDFI Program, $8 million to the Native Initiatives, and $2 million to administrative expenses.
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Lead Paint Removal
Competitive grants to local governments and nonprofit organizations for lead paint removal related to older and low income housing.
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