Research Shows Sustainability Grants Improve Economy
On November 29, the Department of Housing and Urban Development’s (HUD) Office of Sustainable Housing and Communities (OSHC) released the 2012 Accomplishments Report. The report, titled Helping Communities Realize a More Prosperous Future, shows how the 2010 and 2011 Sustainability Grants under HUD have helped regional economies become stronger.
The report shows that OSHC awarded 152 grants in 2010 and 2011 to 48 states worth $240 million. The grants helped to create $253 in private investments and commitments. The report also shows that grantees have called for local, state and private resources as well. The $95.8 million that HUD invested in 2011 helped to generate $115 million in outside contributions from the grantees. The $115 million is over 120% more than federal investment.
Dexter Muller, the Senior Vice President at Greater Memphis Chamber of Commerce, described the success of the HUD grants: “The planning efforts underway are bringing together the community and economic development strategies to transform the adjoining area that can be attributed with nearly half of our metro areas gross metro product. This could not have been accomplished without the HUD grant and the federal partnership for sustainable communities.”
The report also pointed out that grantees are forming sustainability job creation. For example, the Aerotropolis Initiative in Memphis, Tennessee had integrated housing, transportation, and development to increase investment around the Memphis International Airport. The initiative is expected to create over 3,000 local jobs and create tens of millions in private investments.
HUD believes that the grant funding will have a positive effect on 133 million citizens after the grants help communities and regions improve efficiency while improving the overall quality of life as well.
Shelley Poticha, the Director of HUD’s OSHC, states: “When 52 cents of every dollar of a working family’s income is devoted to housing and transportation costs alone, we know this is a problem that affects a family’s ability to save and contribute to the local economy. Our efforts are critical to alleviating that burden on working families, and to supporting locally led planning efforts.”
Source: Department of Housing and Urban Development
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