October 4, 2007 - 3:02pm

Press Release

MCCULLOUGH ANNOUNCES RECEIPT OF FEDERAL GRANTS

By wmurray

MCCULLOUGH ANNOUNCES RECEIPT OF FEDERAL GRANTS
Grants Will Help Local Families Attain The American Dream

Senator James J. McCullough, (R-Atlantic), announced today that Atlantic County has received more than $2 million in Federal Department Housing and Urban grants to help families convert from renters to property owners.

“These grants are an investment in our local communities,” McCullough stated. “Achieving the American dream of owning your own home build families wealth, and raises property values and pride throughout our local cities and towns.”

The $2,096,674 in grants are in the form of American Dream Downpayment Initiative (ADDI), Community Development Block Grants and HOME Awards. ADDI provides resources for down payments and closing costs, Community Development Block Grants provides annual grants to state and local governments for housing and expanded economic opportunities and the HOME program provides funds to increase the supply of affordable housing.

“Over time these programs will more than pay for themselves. Increased economic opportunities and new and refurbished affordable house will certainly lift the fortunes of everyone living throughout the region,” McCullough said. “Additionally this will help the casino industry by providing safe affordable housing for casino employees and their families.

WMURRAY can be reached via email at WMurray@njleg.org.

Related topics: Affordable Housing, McCullough

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