| RICHMOND, VA – Governor Glenn Youngkin announced today $1.5 million in Mixed Use on Main Street (MUMS) funding for three projects located in the city of Hopewell and the towns of Marion and Pulaski. The projects will transform a vacant property located in Hopewell’s Downtown Historic District, add eight market rate apartments in Pulaski and renovate the Gospel Armory and Past Time Antique buildings into 12 apartments and two retail spaces in the town of Marion.
“Downtowns serve as the heartbeat of countless communities in the Commonwealth, and this investment initiative seeks to breathe new life into neglected structures by cultivating dynamic businesses and new housing prospects,” said Governor Glenn Youngkin. “A resilient infrastructure is fundamental to a prosperous economic approach, and this program will propel economic growth and nurture community pride in these communities.”
MUMS is a pilot program created as a joint effort with the Industrial Revitalization Fund (IRF) and Virginia Main Street (VMS) programs, both administered through the Virginia Department of Housing and Community Development (DHCD) to support the revitalization of vacant or underutilized downtown spaces to create opportunities for commercial development and housing units in communities that are active participants in VMS. Awards are available up to $500,000 for the rehabilitation of mixed-use buildings that must include the creation or preservation of housing units and can be provided as either grants or loans.
“This program empowers us to strategically invest in our communities, providing the resources and adaptability that is crucial for economic growth,” said Secretary of Commerce and Trade Caren Merrick. “Through MUMS, we can remove barriers to future economic development efforts by turning blighted or vacated structures into sources of growth.”
MUMS funding leverages local and private resources to achieve market-driven redevelopment of structures, creating a catalyst for long-term employment opportunities, on-going physical and economic revitalization, and housing units in communities.
“Through MUMS, we are able to make targeted and strategic investments in communities and create the best possible catalyst for revitalization and growth,” said Bryan Horn, director of the Virginia Department of Housing and Community Development. “These three projects will leverage over $3 million in additional public and private investments to bring new life to these structures and the localities.”
For more information on MUMS, visit dhcd.virginia.gov/irf. |
