• CMG MORTGAGE, INC. NMLS #1820

HUD Grants $132 Million for Revitalization

  • December 28, 2016

Distressed neighborhoods in Boston, Denver, St. Louis, Louisville, and Camden will each receive a share of a $132 Million revitalization fund from the Department of Housing and Urban Development.  More than 50 million Americans live in distressed neighborhoods, typically characterized by a high housing vacancy rate, a concentrated poverty rate, and a population that is out of work and lacking in education.

HUD Secretary Juliàn Castro explained, “these game-changing investments will breathe new life into distressed neighborhoods and offer real opportunities for the families who call these communities home.”  The funds will be used to replace distressed public housing units with mixed-income, mixed-use housing units.

The grant will be distributed as follows:

  • The Housing Authority of the City and County of Denver & the City and County of Denver will receive $30 million
  • The Louisville Metro Housing Authority & the Louisville Metro Government will receive $29.575 million
  • The Boston Housing Authority & the City of Boston will receive $30 million
  • The City of St. Louis will receive $29.5 million
  • The Housing Authority of the City of Camden & the City of Camden will receive $13,245,927 

Camden’s housing authority has been working on redevelopment plans since 2011, and intends to make neighborhoods more transit oriented, and redevelop commercial corridors.  In Louisville, where 62% of residents live in poverty and 40% live in subsidized housing, the funds will go toward rehabilitating public housing complexes as old as seventy-years-old.

For more specifics on the use of the distributed funds, you can review this document released by HUD.

 

Sources: HousingWire, NJ.com, MarketWatch, 89.3 WFPL

Shelly Roark

NMLS # 207714

Shelly Roark

PHONE: 512-470-4808
Shellyr@cmgfi.com

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