The project, which was proposed early this year, got a needed push with the announcement last week that the federal Department of Housing and Urban Development has awarded the developer a $5.4 million grant toward the estimated total construction cost of $6.2 million. HUD will also make available another $1.1 million for rent subsidies for tenants when the complex opens. No schedule has been released, although local officials expect the complex to be ready for occupancy in 2004.
Besides the HUD money, according to local officials, the apartment complex will get some financial help from both the Balanced Housing Program and the Federal Home Loan Bank's affordable housing program. All of the funding is expected to be released by the various agencies by the middle of next year.
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