Thursday, February 12, 2015

Lake Worth Community Redevelopment Agency (CRA) and Community Partners Receive $500,000 Catalytic Grant for Neighborhood Improvements

Press Release:

 Lake Worth, FL
February 12, 2015

 The Lake Worth Community Redevelopment Agency (CRA) and Community Partners (also known as Housing Partnership Inc.) were recently awarded $500,000 in catalytic grant funds for neighborhood and community improvements in Lake Worth.

The CRA and Community Partners partnered in 2014 to apply for these competitive funds to be used in the most economically distressed areas of Lake Worth. This partnership was one of only 11 applications to be funded nationwide.

These funds are granted to organizations in order to spur economic development in hard-hit communities, provide new affordable housing and to create new jobs and businesses.

Funds received from this grant will be specifically used for the following purposes:

 To provide financial fitness counseling for those living or planning to live in Lake Worth. 
 To create Individual Development Accounts, which are special savings accounts that match the deposits of low- and moderate-income people. These accounts can then be used for educational purposes, purchasing a home or starting a business.
 To offer foreclosure prevention classes and education for low- to moderate-income families.
 To provide neighborhood safety features throughout the neighborhoods, including but not limited to new lighting and sidewalks.
 For branding and marketing initiatives.
 Renovation or rehabilitation work for owner-occupied residential units.
 Creation of a micro-loan program for new or existing small businesses.

The CRA and Community Partners have begun planning the above mentioned projects and will be publicizing how the community can get involved later this year. All funding must be expended within 18 months.

Additional information regarding this grant or any of the other Lake Worth CRA’s neighborhood initiatives can be found by visiting the CRA’s website or by calling the CRA office at (561) 493-2550.