This afternoon, Mayor Greg Fischer made a big announcement on his Facebook page: The city has been awarded a $22 million grant to raze the historic housing complex, Sheppard Square, located in the city’s Smoketown neighborhood.
The money will go towards building a new mixed-income neighborhood a la Park DuValle and Liberty Green as a federal HOPE VI development, one of the last before the U.S. Department of Housing and Urban Development stops the program.
HOPE VI aims to break up clusters of crime and poverty by demolishing barracks style housing and creating visually appealing, diverse urban neighborhoods.
Tim Barry with the Louisville Metro Housing Authority says this project will invest $167 million into the Smoketown neighborhood. Most of that money will come from low-income housing tax credits, a federal subsidy that helps finance the development of affordable housing. Often low-income tax credit housing is out of reach for very low-income families.
The Mayor’s office says this project will take years to compete.