(Washington, DC) – The US Housing and Urban Development (HUD) announced last month that the District of Columbia will receive a $9.5 million grant to stimulate the housing market, generate job opportunities and revitalize neighborhoods hard-hit by high rates of foreclosure and vacancy.
The DC Department of Housing and Community Development (DHCD), in partnership with the National Community Reinvestment Coalition, applied for funding to spur economic growth and housing opportunities for low and moderate income residents in three neighborhoods – Deanwood, Anacostia and Trinidad/Ivy City.
The Department’s application focused on single-family and multi-family redevelopment and preservation through the acquisition and sale of vacant and foreclosed properties; rehabilitation and homeownership opportunities through a “turnkey” program which will involve partners such as the D.C. Housing Authority; and downpayment assistance to low and moderate income homebuyers.
“We are dedicated to creating economic opportunities and stabilizing our neighborhoods,” said Mayor Adrian M. Fenty. “The additional funding support is essential and will directly – and quickly – reach the Washington neighborhoods and residents that present the greatest need."
According to DHCD Director Leila Edmonds, the impact the new funding will be two-fold. “This award will not only bolster existing programs that create and preserve affordable housing opportunities for low- and moderate income residents including the Housing Purchase Assistance Program (HPAP), but it will strengthen initiatives currently underway to stabilize neighborhoods impacted by the foreclosure crises.”
Funded through the American Recovery and Reinvestment Act, this second round of Neighborhood Stabilization Program (NSP) grants from HUD is being awarded competitively to states, local governments and non-profit developers who “developed the most innovative ideas to rebuild local communities, while demonstrating that they have the capacity to be responsible stewards of taxpayer dollars.”