WHEREAS, the Hope VI Program has been an important catalyst for transforming distressed and disinvested neighborhoods into viable mixed income residential communities; and

WHEREAS, the HOPE VI program has become a model for cities nationwide working to replace obsolete public housing with a range of affordable housing opportunities; and

WHEREAS, the HOPE VI program has been credited with increasing employment opportunities and incomes for residents of public housing and improving the social fabric of neighborhoods; and

WHEREAS, the Hope VI Program has attracted a wide range of private investment resources to reinforce public housing resources to fund the cost of public housing assisted units; and

WHEREAS, the Urban Institute estimates that there are up to 80,000 units in need of HOPE VI funding, the public housing inventory has an accumulated capital needs backlog of approximately $18 billion, with an estimated $2 billion accruing each year; and

NOW, THEREFORE BE IT RESOLVED, that the U.S. Conference of Mayors urges the Administration and Congress to reauthorize and provide increased funding for the Hope VI Program.