Definitions for "URBAN DEVELOPMENT ACTION GRANT"
A federal program administered by HUD under which distressed cities and urban counties may obtain funding for community development projects.
It is intended to stimulate private investment in distressed cities and urban counties by providing federal "seed money' to attract private funds for such projects as industrial parks and revitalized waterfront areas. The Community Development Block Grants program transfers HUD funds directly to cities and states for urban renewal projects.
A program of the Department of Housing and Urban Development (HUD) lending money for the revitalization of commercial areas.