HOPE VI Main Street Grants Notice of Funding Availability; Notice

Funding Opportunity Description A. Available Funds. This NOFA announces the availability of approximately $4 million in FY2008 funds. B. Purpose of the Program. The purpose of the HOPE VI Main Street program is to provide grants to small communities to assist in the rejuvenation of an historic or traditional central business district or ``Main Street'' area by replacing unused commercial space in buildings with affordable housing units. 1. The objectives of the program are to: a. Redevelop Main Street areas; b. Preserve historic or traditional architecture or design features in Main Street areas; c. Enhance economic development efforts in Main Street areas; and d. Provide affordable housing in Main Street areas. Affordable housing for this NOFA means rental or homeownership dwelling units that, for INITIAL occupants: a. Are made available to low-income families, with a subset of units made available to very low-income families; and b. Provide the same rules regarding occupant contribution toward rent or purchase, and basic terms of rental or purchase, as are provided to occupants of public housing units in a HOPE VI development. Rights and responsibilities vary among HOPE VI developments.