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Recovery Act funds in Memphis.

February 23, 2010

With the American Recovery and Reinvest Act now one year old, we thought you might want to see how some of these funds have been at work here in Memphis.

Housing Prevention and Rapid Re-Housing funds.
The City of Memphis received $3,329,685 in HPRP funds and the program became fully operational November 2009. Since then, more than 150 households have received financial assistance and nearly 2,000 households have been screened for assistance and provided housing plans. Additionally, a 24-hour hotline has responded to more than 5,000 callers seeking help.

Community Development Block Grant – Recovery funds.
The City of Memphis received $2,177,302. Three communities will benefit from CDBG-R funds, including the Fairgrounds, South Memphis and New Chicago. To date, the Fairgrounds project, funded with $1,500,000 of the CDBG-R funds has made contract awards for the clearance of obsolete structures and the construction and installation of public infrastructure improvements. Demolition work is estimated to begin in March 2010.

Neighborhood Stabilization Program funds.
The City of Memphis received $11,506,415.00 in Neighborhood Stabilization funds. To date, HCD and its development partners have closed on 52 single family properties that were foreclosed, abandoned, and vacant. Once rehabilitated, they will be sold or rented to qualifying residents

Capital funds.
The Memphis Housing Authority received $13,259,030 in Capital funds through ARRA. With these funds, MHA will upgrade technology, undertake a variety of capital improvements to existing public housing developments, and construct new affordable housing units in partnership with the Memphis Land Bank.

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