The race is on for $20 million in kick start capital.
Richmond announced Tuesday it wants multi-million dollar ideas, focusing on how to fix neglected neighborhoods. In turn, the City will offer low cost loans to make community revitalizations a reality.
"This is a tool that we want you to know is available to you," Mayor Dwight Jones said to a breakfast crowded with business leaders and developers. "$20 million is a nice little piece of change."
The goal is to speed up development from Manchester to Shockoe Bottom, picking up the pace of building better businesses.
Competitive cash is the City's latest strategy for redevelopment, announcing it will award federal HUD loans to projects that will change the character of neglected neighborhoods.
Five to seven projects will split the loans, concepts that must benefit low to moderate income families, provide jobs and increase the City's tax base.
Other target neighborhoods for the redevelopment effort include the Arts & Cultural District, Jeff Davis Corridor, Brookland Park Boulevard and the 25th Street – Nine Mile Road Corridor.
Businesses may contact the Richmond Department of Economic & Community Development to apply for the loans and submit proposals.
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