U.S. Housing and Urban Development Secretary Andrew Cuomo today awarded a$35 million grant to Housing Authority of the City of Richmond, CA, that will be used to providehousing for 530 families and to demolish 237 deteriorated public housing apartment
n Richmond, the HOPE VI grant will be used to revitalize the Easter Hill public housing development.Upon completion, the grant from HUD will develop 227 public housing rental units, 191 tax creditaffordable rental units, 45 market-rate rental units, 46 public housing lease-to-purchase units, 28affordable homeownership units and 45 market-rate homes for sale. The HUD grant will also be used to leveridge additional business expansion in Richmond, whichincludes 2.4 million feet of office and commercial space and a new community facility. The facility willhouse a state-of-the-art computer/technology center that will give residents direct access to jobs.Today's grant will ultimately attract $89.9 million in total investment to Richmond, a return of about$2.60 for every dollar invested this year in the program. In 1993, the first year of the program, thereturn was only 31 cents for each dollar invested.
Thanks to Abhijeet Chavan
FULL STORY: HUD No. 00-174
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