Real Estate Investment & Development
The Department of Real Estate Investment & Development (REID) administers several grant programs including the Capital Fund. The public housing capital fund was established under the Quality Housing & Work Responsibility Act of 1998 (QHWRA) which amended section 9 of the Housing Act of 1937. Capital Fund dollars are awarded annually to an authority to perform capital projects necessary to maintain the integrity of its rental inventory. "Capital needs" include comprehensive repairs, major replacements, system upgrades and other non-routine maintenance work. The projects are awarded through a competitive bid process with program and construction oversight provided by the Planning and Development staff. GDPM is awarded approximately $5 million annually through this program and $1.3 million in the Capital Fund Replacement Housing Factor Fund.
Other capital fund activities performed by Real Estate Investment Development include acquiring or developing additional housing units, formally requesting the demolition or disposition of obsolete rental units, and mixed finance development. These activities leverage capital fund dollars to promote the agency’s strategic plan of adding 1000 new affordable units to its rental inventory.
Additionally, the Real Estate Investment Development Department administers several competitive grant programs including a $40 million HOPE VI revitalization grant, $1.5 million in Neighborhood Stabilization Program funds, $3 million dollars in Neighborhood Stabilization Program-2 funds, and $9 million dollars in American Recovery and Reinvestment Act dollars.