Government

HUD Closes on $73 Million Transaction to Rehabilitate 248 Affordable Homes at the Walter I.M. Hodge Community Damaged by Hurricanes Irma and Maria

The U.S. Department of Housing and Urban Development’s Office of Multifamily Housing announced today that it has closed a Rental Assistance Demonstration (RAD) transaction with the Virgin Islands Housing Authority on St. Croix to rehabilitate 248 affordable homes at the Walter I.M. Hodge Pavilion community. This property consists of 20 residential buildings and one community building comprised of 248 homes, HUD said. These homes were significantly damaged during Hurricanes Irma and Maria in September 2017 from flying debris and flooding, causing 58% of them to be vacant. According to the release, through RAD, the property will continue to bring much-needed affordable housing to the St. Croix area where the existing waitlist is more than 764 families. As part of the conversion, the property will undergo rehabilitation and transition from public housing to Section 8 project-based rental assistance.   HUD said that in May, Secretary Marcia L. Fudge announced the Biden-Harris Administrat...