Created by Congress in 1993, HOPE VI has been the
laboratory of public housing reform.
HOPE VI grants are critical seed capital to
leverage public and private sector investment in distressed
neighborhoods. This “first money in’ approach -- combined with unprecedented
regulatory flexibility -- lets PHAs build first-time partnerships with
private developers and others.
As a result, a new market has been
created of private investors and lenders who now view mixed-income,
mixed-finance public housing as a good investment.
Since its inception, 130 PHAs have received more than $6 billion in
HOPE VI grants. Working with local and state l governments, non- and
for-profit organizations, and public and private sector businesses,
they have leveraged those funds for a total investment of more than $16 billion.
By September 30, 2009, 107 projects had completed all HOPE VI construction; there are 141 in progress. PHAs had relocated 72,718 households, demolished 94,367 public housing units, completed 80,130 units and occupied 78,347 units. 
The results include:
-
Improved quality of housing and neighborhoods
- Broader community and supportive services
- Energy efficiency and green initiatives that improve health and save money
- Lower levels of crime
Through HOPE VI revitalization, entire communities have experienced improved property
values, increased safety and security, reinvestment by local businesses, and an
enhanced quality of life for all residents.
Although the previous administration tried repeatedly to end the program, members of
Congress from both sides of the aisle kept it alive.
Related:
CLPHA comments on HUD's Choice Neighborhoods Initiative (CNI), which is modeled on the HOPE VI program
Jersey City HOPE VI highlighted in HUD New Jersey newsletter (PDF)
