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For the record: The photo caption says “Birthday Money.”
The Department of Housing and Urban Development (HUD) is doling out $94.5 million to our city. The District’s website outlines some of the funds’ uses:
- “$2 billion for Project-based Rental Assistance, of which the District of Columbia will receive $40.9 million to invest in full 12-month funding for Section 8 project-based housing contracts. These funds will be administered by the DC Housing Authority.
- $3 billion in Public Housing Capital Funding, of which $27 million will go to the DC Housing Authority for immediate improvements to public housing.
- $2.25 billion in Tax Credit Assistance Program Funds, of which the District of Columbia will receive $11.6 million to assist Low Income Housing Tax Credit properties (9 percent and 4 percent), which have not been able to find adequate private investment. (Note: Applies only to projects assigned tax credits in 2007, 2008 or 2009 and priority will be given to projects that can begin construction immediately and can reach completion by 2012.) The Department of Housing and Community Development (DHCD) will administer these funds.
- $1.5 billion in Homeless Prevention Funds (through the Emergency Shelter Grant program), of which the District of Columbia will receive $7.5 million. DHCD will administer these funds.
- $1 billion in CDBG Funds, of which the District of Columbia will receive $4.9 million to use for a variety of purposes including but not limited to investments in the creation and preservation of affordable homes. DHCD will administer these funds.
- Still to be awarded by HUD are funds that could boost District programs that will help stabilize areas of the city hardest hit by foreclosures (Low Income Housing Tax Credit Enhancement and Neighborhood Stabilization Program) and assist low and moderate income homeowners with low interest loans to apply energy efficient upgrades to their properties (Section 202/Section 8 Energy Retrofit Program). District agencies are moving quickly to identify projects and develop spending plans for HUD’s approval.
Photo by Bob.Fornal, Flickr Creative Commons