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HUD Funds Seed $107M Affordable Development

WASHINGTON, DC-This is the seventh HOPE IV grant the District is receiving from HUD as part of its push to build more affordable housing.

By Erika Morphy | Updated on March 25, 2008

WASHINGTON, DC-The federal Department of Housing and Urban Development has awarded the District a $20-million HOPE VI grant to build 336 units of mixed-income housing at the site of the former Sheridan Terrace housing complex in Ward 8. That $20 million will be leveraged with District funds, low income housing tax credits and private sector funds to reach $107 million, the development cost of the new project. “The biggest source of the remaining funds will be supplied by the development team, which is being led by William C. Smith Cos.,” a spokesman for the District tells GlobeSt.com.

The District of Columbia Housing Authority is also leading the project with William C. Smith Cos. The Office of the Deputy Mayor for Planning and Economic Development is providing $400,000 for predevelopment of the project and coordinating the New Communities work. The HOPE VI funding, besides moving the project closer to fruition, is also providing a psychological boost to the District, the spokesman says. “The [HUD] program has been scaled back in recent years. We see this as a real vote of confidence in the way the District has been able to use Hope VI grants in the past.”

“These grants have been a great tool in helping turn around some of our most challenged communities,” adds Mayor Adrian Fenty. The District has finished two projects, and has four more in the development stage. “They have been transformative in a lot of our neighborhoods.”

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