The Effect of HOPE VI Revitalization on Surrounding Neighborhood Real Estate Markets: A Philadelphia Case Study

Open Access
Author:
Hildebrandt, Laura Lee
Area of Honors:
Finance
Degree:
Bachelor of Science
Document Type:
Thesis
Thesis Supervisors:
  • Brent William Ambrose, Thesis Supervisor
  • Brian Spangler Davis, Honors Advisor
Keywords:
  • HOPE VI
  • Philadelphia
  • Public Housing
  • Mixed-Finance
  • Mixed-Income
  • New Urbanism
Abstract:
The federal housing program known as HOPE VI lasted nearly two decades and had significant impact on public housing throughout the United States. HOPE VI provided federal grant funds to public housing authorities throughout the county to revitalize severely distressed public housing stock. The mixed finance and mixed income principles, along with New Urbanism design implemented in the HOPE VI program reshaped the physical, social, and economic structures of public housing. Philadelphia received five HOPE VI revitalization grants between 1993 and 2004, allowing the Philadelphia Housing Authority to redevelop the city’s most distressed public housing. Previous studies have attempted to quantify the effects of HOPE VI revitalization efforts on surrounding neighborhoods and have found dramatic appreciation of home values in areas of HOPE VI redevelopment. This study provides an updated analysis of available census data to assess the effects of HOPE VI revitalization of five Philadelphia public housing sites. Factors examined in this study include median home values, median contract rental rates, vacancy rates, and median household income. This study concluded that HOPE VI redevelopment positively impacted local real estate markets surrounding revitalized sites, most notably in dramatic appreciation of home values.