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