Press Release

Taking a Fresh Approach to CDBG Funds Downtown

(Boonton, NJ, August 17, 2009) — The creative use of CDBG funds is stimulating new hotel development in Eugene, OR.

Representatives of the department of Housing and Urban Development say that Eugene's Business Development Fund is a unique investment of CDBG funds, which are meant to improve the quality of life for low- to moderate-income people. Communities typically apply their CDBG funds to housing or other services to benefit those individuals, rather than business development.

However, under a job creation requirement of the Business Development Fund, at least half of the jobs that are created for each business have to be filled by or made available to low- to moderate-income people.

The August 15 issue of Downtown Idea Exchange explains exactly how Eugene is using its CDBG funds to bring new development downtown.

About Downtown Idea Exchange

Downtown Idea Exchange newsletter is published by the Downtown Research & Development Center. For more than 50 years, the Downtown Research & Development Center has provided a forum for exchanging news, information and ideas on how to rebuild the hearts of our cities.

Website: http://www.DowntownDevelopment.com