$1 million is now available to small U.S. communities to revitalize their historic downtowns by boosting affordable housing

As documented in the 2020 book, RECONOMICS: The Path To Resilient Prosperity, boosting affordable housing in a downtown is often the most reliable strategy for lasting revitalization.

So, it was good news when, on November 1, 2022, the U.S Department of Housing and Urban Development (HUD) announced a Notice of Funding Opportunity (NOFO) of $1 million through the HOPE VI Main Street Program.

This grant program provides assistance to smaller communities in the development of affordable housing that is undertaken in connection with a Main Street revitalization effort.

The beauty of this program is its flexibility,” said HUD Secretary Marcia L. Fudge.

Past grants have been given to rural communities with a population of 300 to our more heavily populated urban suburbs. HUD recognizes that there is a need for revitalization across the country. The Main Street program supports communities of all sizes and allows the funding to fit the project,” she added.

The main program objectives are to:

  • Redevelop central business districts (Main Street areas);
  • Preserve historic or traditional Main Street area properties by replacing unused commercial space in buildings with affordable housing units;
  • Enhance economic revitalization efforts in Main Street areas; and
  • 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 physical housing units within its jurisdiction and who have an existing Main Street rejuvenation project already in progress.

The application deadline is January 31, 2023.

Photo of downtown Cawker City, Kansas via Pixabay.

Learn more about the program and apply.

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