Housing Authority of Joliet receives nearly $3 million grant
2/26/2020, 10:21 p.m.
The U.S. Department of Housing and Urban Development (HUD) awarded more than $2.7 billion to public housing authorities (PHA) nationally, including nearly $3 million to the Housing Authority of Joliet. The funding will allow the authority to make needed capital improvements to their properties.
The grants announced are provided through HUD's Capital Fund Program, which offers annual funding to public housing authorities to build, repair, renovate, and/or modernize the public housing in their communities. Housing authorities use the funding to complete large-scale improvements such as replacing roofs or making energy-efficient upgrades to replace old plumbing and electrical systems.
To help provide residents with decent, safe and sanitary housing and respond to the growing demand for affordable rental housing, HUD uses the Rental Assistance
Demonstration (RAD), a comprehensive strategy that complements the Capital Fund Program. RAD offers a long-term solution to preserve and enhance the country's
affordable housing stock, including leveraging public and private funding to make critically needed improvements.
For more than 75 years, the federal government has been investing billions of dollars in developing and maintaining public housing, including providing critical support through the Capital Fund grants.
In 2011, HUD released Capital Needs in the Public Housing Program a third-party independent study that estimated the capital needs in the public housing stock in the U.S. The study found the nation's then-1.1 million public housing units were facing an estimated total capital need of $25.6 billion.
Since Congress authorized the RAD demonstration in November of 2011, early results show it is generating significant additional capital for distressed public housing.
As a result, 130,000 public housing units have converted to a more sustainable Section 8 financing platform, all without any additional costs to taxpayers. Public housing authorities and their partners have generated over $8.6 billion to preserve or replace distressed units and support local jobs in their communities – all without additional federal resources.