The Housing Authority of Covington received a $17 million HOPE VI Grant, to be leveraged with $23.6 million of public and private investment for residential development and $5 million in community and supportive services investment to replace the former 163-unit Jacob Price Homes.
We have reached a milestone in the history of Jacob Price Homes when we stopped taking applications to lease units to new families. Demolition work has started and we anticipate that the demolition of the remaining buildings will occur this summer after the end of the school year. We have had a number of folks poking and digging all over the site, they are checking the condition of the soil as we develop final plans as to where the new homes and roads will be located. Our hope is that we will be building roads by the end of this year and start building homes in 2012.
Jacob Price Demolition