WASHINGTON, DC-Through its Brownfields Economic Development Initiative, the US Department of Housing and Urban Development has awarded $24.6 million in grants to 17 communities across the country. The funds will be directed toward redeveloping these blighted industrial sites into commercial properties in areas in California, Massachusetts, New York, Ohio, Oregon, Pennsylvania and Washington. Additionally, HUD has made available approximately $119 million in loan guarantee assistance for these neighborhoods.

“Together, we will not only breathe new life into these distressed areas, we will restore economic vitality in surrounding neighborhoods and create thousands of jobs for those who live there,” says HUD secretary Alphonso Jackson. San Jose, CA and Portland, OR have been awarded the largest grant and loan package, both receiving $2 million in BEDI funds, as well as $26 million in loan guarantee funds. In addition to assisting in the conversion of unused or underutilized space into productive developments, the grants will also help create a total of about 7,000 jobs, indirectly.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.