Industry News

HUD to fund public-housing rehabilitation

$120 million available for demolition, new construction

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The U.S. Department of Housing and Urban Development today announced the availability of $120 million in grants for the 2004 HOPE VI Revitalization program to replace aged public housing with new mixed-income communities. The Notice of Funding Availability appears in today's Federal Register and on HUD's Web site. PHAs have until Feb. 1, 2005, to submit for the highly competitive grants. Awards will be made on or near May 2, 2005. The maximum grant award is $20 million. "We will make awards to PHAs that show they are capable and ready to build housing soon after grants are awarded," said Assistant Secretary Michael Liu. "Former residents and communities benefit greatly when developments are completed on-time and within budget." In addition to the $120 million, there is $20 million available in Housing Choice Voucher (Section 8) assistance for PHAs that are awarded grants. This funding is used to relocate residents who are displaced because of construction. Relocated residents i...