Congressman Cohen Announces $2 Million HUD Grant

Posted by Tennessee Real Estate

May 12, 2008

Washington, DC - 01 May 2008 - Today, Congressman Steve Cohen (TN-09) announced that the Department of Housing and Urban Development (HUD) has awarded the City of Memphis a $2,000,000 grant as part of the Brownfields Economic Development Initiative (BEDI).

“I was very pleased to announce this important award to the City of Memphis,” said Congressman Cohen. “This grant will help in the redevelopment of underutilized industrial land and facilities in Memphis and assist in greater economic development in the region. Additionally, funds awarded by BEDI are specifically targeted to increase economic opportunities for low income and middle income families as part of the creation and retention of local businesses and jobs.”

The BEDI is a competitive grant program administered by HUD designed to stimulate and promote economic and community development. BEDI assists cities with the redevelopment of abandoned, idled and underused industrial and commercial facilities (or “brownfield land”) where expansion and redevelopment is burdened by real or potential environmental contamination. The purpose of the BEDI program is to spur the return of brownfields to productive economic use through financial assistance to public entities in the redevelopment of brownfields.

Congressman Cohen added, “These BEDI funds will be a much-needed economic stimulus for Memphis’ local government to continue its redevelopment efforts on brownfield sites. Not only does this grant provide an economic boon to the city, but it alleviates environmentally hazardous conditions created by the presence of brownfield lands. This is a fine example of good governmental policy, and I applaud HUD for instituting this program and awarding these monies to the City of Memphis.”

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