Richmond Seeks $2 Million Federal Housing Grants

January 19, 2011 / Russell Legato, Residential Property Analyst

The city of Richmond, the capital of the Commonwealth of Virginia, hopes to obtain another $2 million in federal housing grants to continue its renovations for Vaile community. Members of Richmond Common Council will be asked to grant the application for the federal housing grants earmarked for the NSP or Neighborhood Stabilization Program, which is created by the United State’s Department of Housing and Urban Development.

Richmond Seeks $2 Million Federal Housing Grants

The city received $3 million in federal housing grants in 2010 to start the renovation project and selected Vaile neighborhood since it has led the city in terms of the highest percentage of home foreclosures.

City officials used the federal housing grants to purchase 12 houses in foreclosure. The renovation work will probably to start later this year.

The money was also utilized to construct four new homes within the neighborhood, and if approved by Richmond council, officials are expected to apply for the federal housing grants by Friday.

The city council will find out if the application is approved during the end of February 2011.

Recently, the Housing and Urban Development granted $8.3 million to the Indiana Housing and Community Development Authority. The federal money is said to be used to acquire foreclosed or abandoned properties, rebuild and demolish vacant lots, as well as assisting low- to moderate- income families in acquiring homes.

Tony Foster, the City metropolitan development director said that they already have nine foreclosed properties in mind to acquire if the federal money is granted.

Richmond is among 11 Indiana non-entitlement neighborhoods eligible to apply for the federal housing grants from the Department of Housing and Urban Development.

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