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HUD Secretary Donovan Discusses With NADO Members How Sustainable Communities Funds Catalyze Regional Economic Development

HUD Secretary Donovan Discusses With NADO Members How Sustainable Communities Funds Catalyze Regional Economic Development

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Published by: CFHeather on Aug 26, 2012
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8/26/12 2:07 PMSpeech_03202012Page 1 of 12http://portal.hud.gov/hudportal/HUD?src=/press/speeches_remarks_statements/2012/Speech_03202012
HUD>Press Room>Speeches, Remarks, Statements>2012> Speech_03202012
Prepared Remarks of Secretary Shaun Donovan to theNational Association of Development OrganizationsCrystal Gateway Marriott, ArlingtonTuesday, March 20, 2012
Thank you, Russ -- for that very kind introduction and foryour leadership, both with NADO and the Six CountyAssociation of Governments. And I want to thank you foryour support during this budget process. Thanks also toyour Executive Director, Matt Chase, as well as Earl Gohland everyone with the Appalachian Regional Commission.It’s a pleasure to be here with so many representatives fromregional planning and development organizations andcouncils of local government.We meet at an encouraging moment -- when our economyis growing, jobs are being created and foreclosures aredown. But with more work to be done to create an economybuilt to last.Think about how farwehave come -- when President Obama took office, we were losing 753,000 jobs permonth.Home prices had declined for 30 straight months.And foreclosures were surging month after month.Today, foreclosure notices are half what they were at thebeginning of the Administration.More than 5.7 million families have received mortgagemodifications that have helped them stay in their homes.And, most important of all, we’ve added private sector jobsfor two straight years, for a total of over 3.9 million jobs.In the last year, 2.2 million private sector jobs were added -’ 
 
8/26/12 2:07 PMSpeech_03202012Page 2 of 12http://portal.hud.gov/hudportal/HUD?src=/press/speeches_remarks_statements/2012/Speech_03202012
-six-month period in nearly 6 years.That is the kind of progress President Obama’s recentlyproposed Fiscal Year 2013 budget capitalizes on -- makingthe kind of investments in education and skills for Americanworkers, in innovation and research and development, andin clean energy and infrastructure we need to create aneconomy built to last.I’m proud HUD’s proposed budget does its part to meet thePresident’s charge -- bringing private capital back to thehousing market, keeping vulnerable families in their homes,continuing progress on our economic recovery, reforminggovernment.And nowhere is that charge clearer than our investments incommunity and economic development -- in the funding forthe Community Development Block Grant and the HOMEInvestment Partnerships and the $100 million of funding thebudget would
restore
for our Sustainable CommunitiesGrants.Collectively, these investments help each of you strengthenneighborhoods in your communities and connect thoseneighborhoods to the vibrant regional economies Americaneeds to compete.But, as you know, this is a difficult budget environment --and we have had to make tough choices. Choices wewouldn’t make in a different fiscal environment.In last year’s budget agreement, we were forced to acceptless funding for CDBG and HOME, despite great need at thelocal level -- and funding for our Sustainable CommunitiesGrants was eliminated entirely.This year, some have asked why not just simply combineSustainable Communities funding with CDBG.Well first, let’s be clear, with Sustainable Communitiesgrants representing one-thirtieth of the CDBG budget, doingthis would have little effect on CDBG overall funding levels.
 
8/26/12 2:07 PMSpeech_03202012Page 3 of 12http://portal.hud.gov/hudportal/HUD?src=/press/speeches_remarks_statements/2012/Speech_03202012
And with virtually everyone here today a CDBG grantee--and about half of our Sustainable Communities granteesright here in this room--I know this audience understandswe can’t pit one kind of funding against the other.To create an economy built to last, we need both -- and weunderstand how small catalytic investments like SustainableCommunities help leverage and extend larger formulainvestments like CDBG and HOME.So, today, I want to talk about how the distinct tools theseprograms provide work together to knock down barriers toeconomic growth -- and encourage private sectorparticipation and job creation.I want to talk about how they forge stronger, more effectivecollaboration at the regional level and how they make us atthe federal level a better partner to
you 
at the local level.And above all, I want to talk about how in an environmentin which every dollar is precious, why investing incommunity development and planning will help stretchthose dollars further than ever before.
Creating Jobs at the Local Level 
Better than just about anyone, this audience knows howimportant CDBG is to economic development and creating jobs at the local level.From funding the construction of public facilities andhousing rehab, to acquisition and public services, to morecostly repairs like water and sewer infrastructure, dollar fordollar, CDBG is the most effective job creator in our budget.In fact, results from the Recovery Act show that CDBGcreated twice as many jobs per dollar as other Recovery Actprograms.Indeed, for every dollar CDBG invests in our communities, itleverages another $3.55 in private and other public dollars -- and efforts like the Section 108 loan uarantee roram

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