Funding Announced by HUD to Assist Small Communities
The U.S. Department of Housing and Urban Development (HUD) has made a significant announcement regarding the availability of funds to support small communities. Through the HOPE VI Main Street Program, HUD has introduced a Notice of Funding Opportunity (NOFO) with a total of $2 million allocated for this purpose. This grant program aims to provide assistance to communities that are seeking to create affordable housing within their central business districts, commonly known as Main Street areas, which are currently undergoing redevelopment. HUD’s objective is to target Main Street areas in various cities with this funding opportunity.
HUD Secretary Marcia L. Fudge emphasized the importance of revitalizing cities across the country, stating, “HUD recognizes that cities are in need of revitalization across the country. We want to support city governments in their efforts to restore economically crucial business districts by providing housing in these areas.”
The HOPE VI Main Street Program has specific objectives that guide its implementation:
- Redevelop Main Street areas: The program aims to contribute to the redevelopment of Main Street areas, fostering their revitalization and overall improvement.
- Preserve historic or traditional Main Street area properties: By converting unused commercial spaces within buildings into affordable housing units, the program seeks to preserve the historical or traditional aspects of Main Street areas while addressing the critical need for affordable housing.
- Enhance economic development efforts: The program recognizes the significant role that Main Street areas play in local economies. It aims to support economic development initiatives within these areas, fostering growth and prosperity.
- Provide affordable housing: The primary objective of the program is to facilitate the availability of affordable housing options within Main Street areas, addressing the housing needs of communities and promoting inclusivity.
Eligible applicants for this funding opportunity are limited to Units of General Local Governments with a population of 50,000 or less and 100 or fewer public housing units within their jurisdiction. Interested parties are encouraged to review the specific details and requirements outlined in the NOFO. The application deadline is set for October 12, 2023.
For those seeking more comprehensive information on this funding opportunity, the full release can be accessed by clicking here.
The announcement by HUD highlights the commitment to supporting small communities in their efforts to revitalize and improve their Main Street areas. Through the HOPE VI Main Street Program, these communities have an opportunity to access financial resources that can contribute to the creation of affordable housing, redevelopment, economic growth, and the preservation of historical aspects within their central business districts. It is a significant step towards fostering sustainable and vibrant communities across the United States.