HUD Awards ICF COVID-related Community Development Work

Rhea-AI Summary

ICF (NASDAQ:ICFI) has secured three new three-year and one two-year cooperative agreements from the U.S. Department of Housing and Urban Development (HUD), valued in the multimillion-dollar range. These agreements aim to aid state and local municipalities in their COVID-19 response, facilitate stable housing for individuals in recovery, and provide expertise in Community Development Block Grant-Disaster Recovery (CDBG-DR). The contracts, awarded under the CARES Act, will enhance community efforts in managing COVID-19 and supporting recovery housing initiatives.

Positive

• Awarded multimillion-dollar contracts from HUD.
• Focus on COVID-19 response and recovery housing programs.
• Supports community development and disaster recovery efforts.

Negative

• None.

FAIRFAX, Va., Sept. 15, 2020 /PRNewswire/ -- ICF (NASDAQ:ICFI), global consulting and digital services provider, was recently awarded three new three-year cooperative agreements and one new two-year agreement by the U.S. Department of Housing and Urban Development (HUD) to support state and local municipalities, housing authorities, tribes and nonprofits in their COVID-19 response efforts; secure stable transitional housing for individuals in recovery; and provide Community Development Block Grant-Disaster Recovery (CDBG-DR) expertise. The combined agreements have a multimillion-dollar value. 

The agreements, which were awarded in the second quarter of 2020, support the agency's technical assistance and capacity building program Community Compass. Under two of them, which were awarded under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, ICF will provide training and technical assistance to strengthen community efforts to prevent, prepare and respond to the spread of COVID-19 in their populations, including those experiencing homelessness or receiving homeless assistance. 

ICF will also support HUD's pilot Recovery Housing Program, which will help eligible grantees provide stable housing to individuals in recovery from substance-abuse disorder. Additionally, ICF will continue to provide capacity building assistance to CDBG-DR grantees on how to design, implement and monitor their disaster management and recovery programs.

"Communities are tasked with providing key services to their residents, which has become increasingly more difficult due to COVID-19," said Andy Zehe, ICF senior vice president. "We are proud of our 30+ year history of helping HUD customers navigate complex housing and community development challenges, develop successful market-driven, HUD-compliant programs and build staff knowledge and capacity to deliver the best services possible to their residents."

Read more about ICF's social programs and disaster management services. 

About ICF
ICF is a global consulting services company with over 7,000 full- and part-time employees, but we are not your typical consultants. At ICF, business analysts and policy specialists work together with digital strategists, data scientists and creatives. We combine unmatched industry expertise with cutting-edge engagement capabilities to help organizations solve their most complex challenges. Since 1969, public and private sector clients have worked with ICF to navigate change and shape the future. Learn more at icf.com.

Caution Concerning Forward-looking Statements
Statements that are not historical facts and involve known and unknown risks and uncertainties are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Such statements may concern our current expectations about our future results, plans, operations and prospects and involve certain risks, including those related to the government contracting industry generally; our particular business, including our dependence on contracts with U.S. federal government agencies; our ability to acquire and successfully integrate businesses; and the effects of the novel coronavirus disease (COVID-19) and related federal, state and local government actions and reactions on the health of our staff and that of our clients, the continuity of our and our clients' operations, our results of operations and our outlook. These and other factors that could cause our actual results to differ from those indicated in forward-looking statements THAT are included in the "Risk Factors" section of our securities filings with the Securities and Exchange Commission. The forward-looking statements included herein are only made as of the date hereof, and we specifically disclaim any obligation to update these statements in the future.

Contact: Lauren Dyke, lauren.dyke@ICF.com, +1.571.373.5577

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SOURCE ICF

FAQ

What new contracts did ICF receive from HUD?

ICF was awarded three new three-year and one two-year cooperative agreements from HUD to support COVID-19 response and recovery housing.

What is the value of the contracts awarded to ICF by HUD?

The contracts have a combined multimillion-dollar value.

When were the agreements awarded to ICF?

The agreements were awarded in the second quarter of 2020.

How will ICF support communities with the new HUD agreements?

ICF will provide training, technical assistance, and support for stable housing programs for individuals in recovery.

What programs will ICF assist under the new HUD agreements?

ICF will aid in COVID-19 response efforts and Community Development Block Grant-Disaster Recovery (CDBG-DR) initiatives.