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Government Money at Work

By Jillian Wheeler | January 3, 2008

Here’s a positive story to begin the New Year!

This month’s Cottage Living magazine has a wonderful article about 3 real estate developments in Houston, Texas, all founded through grants.

Artist Rick Lowe was determined to save Houston’s Third Ward, an inner-city neighborhood that was fast deteriorating. He formed Project Row Houses, which has rehabbed 22 abandoned classic Texas “shotgun” houses and is at work on 16 more. The initial project has given birth to a number of other exciting projects, including The Young Mothers Residential Program, renovation of the venerable old El Dorado Ballroom, and educational programs for young people.

The cottages, before and after.

Rick Lowe with 2 new duplexes designed by Rice University architecture students

Avenue CDC (Community Development Corporation) was founded to provide affordable housing for residents of Houston’s Washington Avenue and Near Northside communities. The group is providing home ownership opportunities for “average people” by rehabbing existing houses in the neighborhood, and finding houses in other neighborhoods destined for demolition, then moving them into the neighborhood and rehabbing them. They are also converting abandoned buildings into apartment and loft space.

The neighborhood includes 10,000 houses. Avenue CDC is making an impact by concentrating on small areas of a few square blocks. The changes they are making are inspiring residents and investors to join the process.

Their most ambitious project to date is the conversion of the old abandoned Jefferson Davis Hospital into the Jeff Davis Artists Lofts. They have accomplished this using grants, low-cost loans, and tax credits.

Jefferson Davis Hospital Today

Finally, the Menil Foundation has converted a series of beautiful cottages in Houston’s museum area into affordable space for art-based non-profits and individuals, an exciting mix of business and residential development.

If you have an idea that could benefit your community, and perhaps create a great career for you in the process, you need the ultimate resource guide, The New American Land Rush: How to Buy Real Estate with Government Money.

For just a few more days, you can still get it at the Huge Happy Holiday Sale discount:

www.NewAmericanLandRush.com

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