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HOPE VI has included a variety of grant programs including: Revitalization, Demolition, Main Street, and Planning grant programs. As of June 1, 2010 there have been 254 HOPE VI Revitalization grants awarded to 132 housing authorities since 1993 – totaling more than $6.1 billion. [3]
The first phase of construction lasted from 1938 to 1941, and was financed with funds from the Wagner-Steagall Act. The second phase was from 1951 to 1956, using grants funded by the Housing Act of 1949. The final phase took place from 1962 to 1973, with only a few smaller projects completed after that date.
In 1994 the Atlanta Housing Authority, encouraged by the federal HOPE VI program, embarked on a policy created for the purpose of comprehensive revitalization of severely distressed public housing developments. These distressed public housing properties were replaced by mixed-income communities.
The federal Housing and Urban Development (HUD) department's 1993 HOPE VI program addressed concerns of distressed properties and blighted superblocks with revitalization and funding projects for the renewal of public housing to decrease its density and allow for tenants with mixed income levels.
The program was the legislative response to riots that erupted in 1992 in Los Angeles after justification of police officers charged in the beating of an African-American motorist during the arrest. [3] The Community Renewal Tax Relief Act of 2000 authorized the creation of 40 renewal communities and created the New Markets Tax Credit Program. [4]
The CDBG program was enacted in 1974 by President Gerald Ford through the Housing and Community Development Act of 1974 and took effect in January 1975. Most directly, the law was a response to the Nixon administration's 1973 funding moratorium on many Department of Housing and Urban Development (HUD) programs. [1]
The financing/funding of such operations might come from government grants, borrowing from federal or state governments and selling bonds and from tax increment financing. Other terms sometimes used to describe redevelopment include urban renewal (urban revitalization). While efforts described as urban revitalization often involve redevelopment ...
In 1994 Chicago received one of the first HOPE VI (Housing Opportunities for People Everywhere) grants to redevelop Cabrini–Green as a mixed-income neighborhood. [12] On September 27, 1995 demolition began. [13] In 1997 Chicago unveiled Near North Redevelopment Initiative, a master plan for development in the area.