Rep. Costa Announces $4.3 Million In Recovery Funds To Support Community And Economic Development
WASHINGTON, DC- Today, Congressman Jim Costa (D-Fresno) announced that a grand total of $4.3 million has been released to the Cities of Fresno, Bakersfield and Kern County to revitalize neighborhoods and create jobs. Funding was released through the Department on Housing and Urban Development’s Community Development Block Grant (CDBG) program made available in the American Recovery and Reinvestment Act.
“The release of this funding is spectacular news for our Valley,” Costa said. “These CDBG program funds will help revitalize our communities that have been ravaged by the nationwide recession, the housing crisis, and the drought conditions in our area. In addition, these projects will provide jobs for our Valley residents and help get us back on the path to recovery."
The City of Bakersfield will receive $897,462
Kern County will receive $1,357,938
The City of Fresno will receive $2,047,341
The grants awarded today represent over half of the Recovery Act-funded grants available through the Community Development Block Grant (CDBG) Program, which primarily benefit low- to moderate-income families. CDBG enables state and local governments to undertake a wide range of activities intended to create suitable living environments, provide affordable housing and create economic opportunities. Under the Recovery Act, recipients give priority to prudent responsible that can award contracts through a bidding process within 120 days of the grant agreement. A total of $1 billion will be awarded nationwide by HUD in Recovery Act Community Development Block Grants.
Since 1974, CDBG has provided more than $127 billion to state and local governments to target their own community development priorities. The rehabilitation of affordable housing and the construction and improvement of public facilities have traditionally been the largest uses of CDBG funds although the program is also an important catalyst for job growth and business opportunities. Annual CDBG funds are distributed to communities according to statutory formulas based on population, poverty, pre-1940 housing stock, growth lag, and housing overcrowding.