Real Estate

HUD dedicates $144 million to revitalize 5 neighborhoods

Funds to redevelop severely distressed public housing

The U.S. Department of Housing and Urban Development announced it is awarding $144 million to be divided into five communities for revitalization efforts.

The money will be awarded to redevelop severely distressed public or assisted housing, as well as the surrounding neighborhoods. It will be funded through HUD’s Choice Neighborhoods Initiative.

HUD expressed its hope that these grants will transform struggling neighborhoods and distressed HUD-assisted housing.

“Choice Neighborhoods Grants are significant investments to transform struggling neighborhoods and improve living conditions for thousands of families,” HUD Secretary Ben Carson said. “The public dollars we award today will generate major investment to revitalize entire neighborhoods and create more opportunities for those who live there.”

The chart below shows which programs were chosen to receive the funds, how much each community will receive, and the targeted neighborhood.

Click to Enlarge

HUD Neighborhood

(Source: HUD)

The Choice Neighborhoods Initiative uses public and private funds in order to support local community strategies that address struggling neighborhoods with distressed public or HUD-assisted housing.

Under the program, local leaders, residents and stakeholders come together to create and implement a plan that revitalizes distressed HUD housing and addresses the challenges in the surrounding neighborhood. The program helps communities transform neighborhoods by revitalizing severely distressed public and assisted housing and catalyzing critical improvements in the neighborhood, including vacant property, housing, businesses, services and schools.

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