Sep 08 2014
WASHINGTON – U.S. Senators Mark Pryor and John Boozman today announced that Hot Springs will receive two federal grants to fund locally-led initiatives that will foster economic expansion and community growth.
The West Central Arkansas Planning and Development District will receive a $200,000 planning grant from the Economic Development Administration (EDA) to develop an investment strategy that stimulates business development and job growth in the Historical District of Hot Springs and surrounding region.
The City of Hot Springs will receive a $355,404 Community Development Block Grant (CDBG) from the Department of Housing and Urban Development (HUD) to support housing rehabilitation, public service projects, and local infrastructure improvements in the Park Avenue, Whittington Valley, Greater Hobson, and East Albert Pike areas; the Greater Gateway and Forest Hill neighborhoods; and downtown Hot Springs.
“Hot Springs’ city leaders have a deep understanding of the economic opportunities and challenges facing their city,” Pryor said. “This funding will put that knowledge to work. With the grants from the EDA and HUD, local leaders will be able to create a road map for long-term success by investing in local businesses, ensuring affordable housing options, and updating the city’s public infrastructure.”
“These funds will help pave the way for improvements in Hot Springs and develop economic and housing opportunities for residents,” Boozman said. “We can be proud of the efforts of city leaders to invest in the community. Continuing their revitalization efforts in making downtown a tourist attraction creates an environment that allows citizens to prosper.”
The Economic Development Administration (EDA) of the Department of Commerce invests in economically distressed communities in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth. The Community Development Block Grant (CDBG) program of the Department of Housing and Urban Development (HUD) allocates block grants to local governments in order to ensure decent affordable housing, provide services to low- and moderate-income neighborhoods, and create jobs through the expansion and retention of businesses. EDA and CDBG funding is supported by the FY14 omnibus appropriations bill which was signed into law in January.