The agency plans to update regulations to make it easier for grant recipients to access funds.
A proposed rule from the U.S. Department of Housing and Urban Development (HUD) would streamline requirements for the Community Development Block Grant (CDBG) and Indian Community Development Block Grant Programs (ICDBG) in an effort to make federal assistance easier to access and promote economic development.
As Demetria Lester writes in MReport, “These updates would improve the ability of CDBG grantees to implement funding more effectively and efficiently, making it easier for states and localities to use CDBG or Section 108 Loan Guarantee funding to invest in underserved areas. Section 108 allows communities to access up to five times their annual CDBG allocation via low-interest loans for eligible activities and is a valuable tool in spurring economic development and job creation.”
The proposed changes would modernize a program not substantially updated since 1995.
FULL STORY: HUD Proposes Rule to Advance Economic Development in Underserved Communities
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