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The CDBG program was enacted in 1974 by President Gerald Ford through the Housing and Community Development Act of 1974 and took effect in January 1975. Most directly, the law was a response to the Nixon administration's 1973 funding moratorium on many Department of Housing and Urban Development (HUD) programs.
However, laws and regulations require recipients to request funds only when it is immediately needed, and recipients must try to minimize the amount of time between the receipts of funds to the actual disbursement. [9] Examples of programs under these funding techniques are the Section 8 program and the Community Development Block Grant program.
In contrast, the CDBG program allows states and municipalities to budget CDBG funds based on their consolidated plan (a mandatory plan which outlines the community's housing needs, its 5-year strategy, and a 1-year plan focused on resources and implementation). [7] Community participation is required when creating a consolidated plan.
The program provides annual grants on a formula basis to entitled cities and counties to develop viable communities by providing decent housing and a suitable living environment and by expanding economic opportunities, principally for low- and moderate-income persons. The program is authorized under Title 1 of the Housing and Community ...
The CSBG formula determines each jurisdiction's funding level based on poverty population; once disbursed, most of the money is passed by the states and other jurisdictions to CAAs and other designated organizations to be spent on employment, education, income management, housing, nutrition, emergency services, and health. [1]
Indiana Housing & Community Development Authority Down payment assistance, low-interest rate loans and tax credits available. Credit score must be 640 or greater and must be a legal U.S. resident ...
DHCR administers various programs aimed at developing, rehabilitating, and preserving affordable housing in the state. Programs include the Mitchell–Lama Housing Program, federal Low-Income Housing Tax Credit and State Low-Income Housing Tax Credit, which offers tax incentives to encourage private investment in affordable housing; the federal HOME Investment Partnerships Program of the HTFC ...
On Jan. 10, the Biden Administration proposed new regulations to reduce federal student loan payments, especially for lower income and middle-income borrowers. The Revised Pay As You Earn (REPAYE ...