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November 28, 2011
HUD JOINS MAYOR PRICE, COUNCILMEMBER HICKS, FORT WORTH HOUSING AUTHORITY AND TEXAS DEPT. OF HOUSING AND COMMUNITY AFFAIRS IN ANNOUNCING THE GRAND REOPENING OF VILLAS BY THE PARK AFFORDABLE APARTMENT COMPLEX
Purchase and rehabilitation of 172-unit complex in SE Fort Worth funded with $6.5 Million in HUD Neighborhood Stabilization Program Funds
FORT WORTH - U.S. Housing and Urban Development (HUD) Regional Administrator Don Babers, Fort Worth Mayor Betsy Price, District 8 Councilmember Kathleen Hicks, President and CEO of the Fort Worth Housing Authority Barbara Holston and Texas Dept. of Housing and Community Affairs NSP Director Marni Holloway participated in the Grand Reopening of Villas by the Park (formerly Cobb Park) apartments in SE Fort Worth with residents and the Glencrest Civic League Neighborhood Association on November 28.
Financing for the acquisition and rehab of the 172-unit affordable housing apartment complex by the Fort Worth Housing Authority was provided by the Texas Dept. of Housing and Community Affairs through $6.5 million in HUD Neighborhood Stabilization Program grant funds. Wells Fargo Bank, a limited partner, provided an additional $1 million grant to complete the extensive renovations.
Congress created the Neighborhood Stabilization Program, which is administered by HUD, to help cities, counties and States deal with the problems that resulted from the mortgage foreclosure crisis in the nation-lowered property values, and increased blight and crime. Nationally, HUD has allocated $6.8 billion to preserve our nation's neighborhoods, including $109 million to the State of Texas.
"The Fort Worth Housing Authority, the State, and all partners involved in the Villas have done an outstanding job in using NSP funds--exactly as Congress and the Administration had planned. The Villas is not only providing safe affordable housing and stabilizing the neighborhood, but thanks to the creative vision of area leaders such the Mayor, Councilmember Hicks and SE Fort Worth Inc, it has helped spark further public-private development in the area. The $90 million Renaissance Square shopping center development planned for East Berry and Vaughn is expected to
create 1200 jobs, and nearby Cobb Park is slated for $5,000,000 in improvements." said HUD Regional Administrator Don Babers.
RA Babers also announced the Administration's Project Rebuild, a $15 billion proposed HUD program that is part of the American Jobs Act that would continue to build on the successes of the Neighborhood Stabilization Program.
Project Rebuild includes important innovations beyond the NSP, such as allowing for-profit organizations that have participated in neighborhood stabilization efforts to be full partners and adding eligibility for commercial redevelopment of vacant structures, which is not allowed under NSP. The Administration estimates that Project Rebuild will create 200,000 jobs.
HUD's mission is to create strong, sustainable, inclusive communities and quality affordable homes for all. HUD is working to strengthen the housing market to bolster the economy and protect consumers; meet the need for quality affordable rental homes: utilize housing as a platform for improving quality of life; build inclusive and sustainable communities free from discrimination; and transform the way HUD does business. More information about HUD and its programs is available on the Internet at www.hud.gov and http://espanol.hud.gov. You can also follow HUD on twitter @HUDnews, on facebook at www.facebook.com/HUD, or sign up for news alerts on HUD's News Listserv.