Home / Market Trends / Affordability / HUD Announces Funding to Support Small Communities
Print This Post Print This Post

HUD Announces Funding to Support Small Communities

The U.S. Department of Housing and Urban Development (HUD) announced a Notice of Funding Opportunity (NOFO) of $2 million through the HOPE VI Main Street Program. This grant program provides assistance to communities looking to create affordable housing in central business districts (Main Street areas) that are undergoing redevelopment. HUD is looking to target Main Street areas in cities with this funding opportunity.

“HUD recognizes that cities are in need of revitalization across the country,” said HUD Secretary Marcia L. Fudge. “We want to support city governments in their efforts to restore economically crucial business districts by providing housing in these areas.”

The main program objectives are to:

  1. Redevelop Main Street areas
  2. Preserve historic or traditional Main Street area properties by replacing unused commercial space in buildings with affordable housing units
  3. Enhance economic development efforts in Main Street areas
  4. Provide affordable housing in Main Street areas

Eligible applicants are limited to Units of General Local Governments with a population of 50,000 or less and 100 or fewer public housing units within its jurisdiction. The application deadline is on 10/12/2023.

To read the full release, click here.

About Author: Demetria Lester

Demetria C. Lester is a reporter for DS News and MReport magazines with more than eight years of writing experience. She has served as content coordinator and copy editor for the Los Angeles Daily News and the Orange County Register, in addition to 11 other Southern California publications. A former editor-in-chief at Northlake College and staff writer at her alma mater, the University of Texas at Arlington, she has covered events such as the Byron Nelson and Pac-12 Conferences, progressing into her freelance work with the Dallas Wings and D Magazine. Currently located in Dallas, Texas, Lester is an avid jazz lover and likes to read. She can be reached at [email protected].

Check Also

2023 Was the Least Affordable Year on Record. Will 2024 Follow Suit?

The least affordable markets included Anaheim and San Francisco, where homebuyers with the typical local income would’ve needed to spend over 80% of their pay on monthly housing costs.