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For Immediate Release
September 27, 2006 |
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Shays’ HOPE VI Reauthorization
Bill Passes House
Washington, D.C. –The US House of Representatives today
approved Congressman Christopher Shays’ legislation
to reauthorize the bipartisan HOPE VI housing revitalization
program. Shays, a member of the Financial Services Committee’s
Housing and Community Opportunity Subcommittee, authored H.R.
5347, the HOPE VI Reauthorization Act, which passed the House
by voice vote.
The bipartisan legislation extends the HOPE VI program through
fiscal year 2007 and authorizes such sums as necessary for
fiscal year 2007.
HOPE VI works by providing government grants that leverage
significant state, local and private funds, thereby creating
public-private partnerships to transform dilapidated public
housing into new mixed-income communities. For every government
dollar contributed, the program yields three to four dollars
in private funds.
In June, 2004, Shays, with Senators Dodd and Lieberman, announced
the U.S. Department of Housing and Urban Development (HUD)
granted
the Stamford Housing Authority $19.75 million to revitalize
the Fairfield Court housing project. The grant
leveraged $70 million in state, local and private funds to
rebuild and expand the complex.
In 1997, the Stamford Housing Authority received a $26.4
million HOPE VI grant to revitalize Southfield Village.
Shays statement on the legislation follows:
“Mr. Chairman, this is a bipartisan bill that, as amended,
reauthorizes the HOPE VI program through 2007. In May, the
bill passed the Financial Services Committee by voice vote.
Reauthorizing HOPE VI for an additional year will have an
important impact on the lives of low-income people and will
also pay tremendous dividends in towns and cities across America.
“I am grateful to have worked on this legislation with
my colleagues – Jim Leach, Maxine Waters, Artur Davis
and Mel Watt – and appreciate the assistance and guidance
they provided. I also appreciate the support of Chairman Oxley
and Ranking Member Frank in moving this bill forward.
“HOPE VI epitomizes public-private partnership for
funding redevelopment projects. Mixed-finance deals have allowed
the government to raise millions of dollars from the private
sector for redevelopment projects using federal funds as leverage.
For every government dollar these partnerships can yield three
or four additional dollars.
“Let me give the example of an incredible HOPE VI project
that has been completed in Stamford, Connecticut, where a
$26 million HOPE VI grant leveraged an additional $80 million
in state, local and private funds. The HOPE VI program transformed
Southfield Village – a dim, crime-ridden, and dilapidated
housing project – into Southwood Square, a beautiful
place to live and raise your children.
“It is also a mixed-income community, where low-income
families and those paying market rent live side-by-side, their
children play together, and they have the opportunity to grow
and learn from one another.
“As a result of this federal assistance, Southwood
Square is now a safe place for children to play, its residents
receive job training on site, and working parents have access
to a child care facility. Just as importantly, residents are
involved in their community. I wish Members could see the
transformation that has taken place there.
“Another HOPE VI project at Fairfield Court in Stamford
is now beginning and promises to be just as successful as
Southwood Square.
“The lesson here is when the federal government demonstrates
its interest in improving the housing needs of low-income
families, the community responds in a big way.
“I urge all my colleagues to support this legislation,
and again thank Chairman Oxley and Ranking Member Frank for
their consideration, as well as the lead cosponsors on both
sides of the aisle for their support.”
Contact: Sarah Moore, 202/225-5541
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