Industry News

HUD to invest $1.8 billion in Gulf Coast rebuilding

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New Orleans' C.J. Peete public housing development will be rehabilitated in fine style as the centerpiece of the Department of Housing and Urban Development's $1.8 billion plan to revitalize public housing in that city, HUD said Wednesday. HUD Secretary Alphonso Jackson Wednesday announced HUD's plan to revitalize public housing in New Orleans, beginning with the C.J. Peete development that was damaged in the wake of Hurricane Katrina. This development will become a model of mixed-income, mixed-use development that will breathe new life into the city's Uptown neighborhood, Jackson said. HUD's actions follow President Bush's request for an additional $17.1 billion for the long-term recovery effort in the Gulf Region, including more than $1.8 billion in HUD assistance. The funding would redevelop public housing, mold remediation and to help local leaders with the strategic planning necessary to revitalize devastated areas, the department said. During his third trip to New Orlean...