New Southeast Washington DC Real EstateAre you thinking of purchasing
Washington DC homes? If so please read on this article contains information on what is currently going on in with the
Washington DC real estate market. Currently the
Washington DC Housing authority received a federal grant of $20 million in order to redevelop the former Sheridan Terrace public housing project. They plan on turning this project into
residential real estate which will be composed of 336 units of affordable and market rate apartments and single family homes. It only took the city 3 tries to win this grant for Hope VI funding to redevelop Sheridan Terrace. The question that you may be asking yourself right now is what are Hope VI funds? Hope VI is a HUD plan that was developed under the Clinton administration and its purpose is to help revitalize certain housing projects into mixed income developments. The hope VI philosophy is majority based on the concept of New Urbanism. The Hope VI project was put into effect in 1993 and since than it has distributed roughly $4 billion in grant money to redevelop unsuccessful public housing projects into a mixed use and mixed income community.
History behind Hope VI- In 1989 Congress established the National Commission on Extremely Distressed Public Housing. There job was to study the issues behind decaying public housing
- After Legislation submitted the report to Congress in 1992, Legislation created the hope VI grant.
- Hope VI began in 1992, but its formal recognition into the law was in 1998
- As of 2005 the program distributed roughly 446 federal grants to various cities for different developments
Sheridan Terrace
The redevelopment of Sheridan Terrace was not only jump started by the hope VI grant but it is also the seventh hope VI funded project within the Districts boundaries. William C. Smith 7 amp Co has partnered up with the Housing Authority; they will be leveraging the grant with an additional $87.7 million in public and private funding to develop this 9.8 acre site. The boundaries on this site are the Suitland Parkway and the District Maryland line that has 180 townhouses, 16 manor homes with 4 units per house and 100 apartments dedicated to housing seniors and families. It is expected that ground should be broken on this project within the next year and city officials believe that it will be completed by 2011. Once this project is completed the past residence of the former Sheridan Terrace will have first priority in moving back into this new development. Currently there have been 77 families that have expressed interest in moving back into Sheridan Terrace. With the completion of this Hope VI project Washington will have the second most Hope VI developments only being surpassed by the city of Chicago.
