Skip to main content

Home/ GroundUp Bookmarks/ Group items tagged HUD

Rss Feed Group items tagged

Filter: All | Bookmarks | Topics Simple Middle
ccfath

Public housing looks for outside investors | Marketplace.org - 0 views

www.marketplace.org/...ousing-looks-outside-investors

public housing investors Community-Level Urbanism Socially_Responsible_Investing

shared by ccfath on 10 Jan 13 - No Cached
  • Thursday afternoon in Savannah, Ga., the head of the Department of Housing and Urban Development will unveil a pilot program meant to address poor maintenance conditions at public housing developments across the nation. HUD’s idea?  Let outside investors fix them up.
  • The problem: Like tens of thousands of other subsidized developments, Tobie Grant Manor falls under Section 9 of the federal housing act. Any money to fix it up has to come from the government, and HUD says it’s about $26 billion short.
  • That’s why HUD Secretary Shaun Donovan says shifting properties like Tobie Grant Manor from Section 9 to Section 8 gives more options.  
  • ...2 more annotations...
  • Section 8 is different because it allows for private investors to front money for repairs and redevelopment. HUD then pays those developers back under a long-term contract. Donovan says the shift doesn’t cost taxpayers a penny extra.
  • In the first thirty days of the national pilot program, HUD has raised $650-million in private investments for housing authorities in 22 states.
  • ccfath on 10 Jan 13
     
    HUD looks to private investors for renovation and redevelopment of public housing projects.
1 - 2 of 2
Showing 20▼ items per page