Governor Unveils DREAM Initiative for Downtown Revitalization

JEFFERSON CITY – Gov. Matt Blunt today unveiled his Downtown Revitalization Economic Assistance for Missouri (DREAM) initiative to help communities more efficiently and effectively engage in downtown revitalization efforts. The DREAM Initiative is a partnership of the Missouri Housing Development Commission, the Missouri Department of Economic Development and the Missouri Development Finance Board.

“The DREAM Initiative is a comprehensive approach to downtown revitalization,” Blunt said. “DREAM will assist Missouri’s communities working to revitalize their downtowns and attract new private investment opportunities to the hearts of their communities.”

The DREAM Initiative is targeted at breaking down the barriers to redevelopment and revitalization for Missouri’s communities. It is a significantly more efficient and effective use of our state’s current revitalization and redevelopment tools. DREAM is a better approach to the current redevelopment process because it is a comprehensive approach that eliminates existing barriers for communities, concentrating resources and available tools to allow revitalization efforts to become reality in a shorter time. It is designed to go beyond current programs by attracting private investment that will spur growth and jobs in selected Missouri communities.

Each contributing partner will lend its individual expertise and tools to create a comprehensive and collaborative approach to downtown revitalization. DREAM communities will first work with the Missouri Development Finance Board to develop a comprehensive plan for their downtown revitalization and will then have enhanced access to professional services and programs available through the partner agencies. The available programs can help address a multitude of community needs including infrastructure improvements, historic preservation, affordable housing, community services, business development and job creation.

Six to ten Missouri communities will be selected through an application process and designated DREAM communities. They will remain DREAM communities for three years.

Applications and guidelines for applying can be found at www.dream.mo.gov .

###

MHDC is the state's housing finance agency. The Commission is dedicated to strengthening communities and the lives of Missourians through the financing, development and preservation of affordable housing. Since 1969, MHDC has encouraged and assisted in the production of affordable rental housing and provided homeownership opportunities for thousands of families while investing almost $4 billion in Missouri housing for rental housing developments, home mortgages, home improvement loans, loans to landlords for renovations, grants to neighborhood housing groups and other programs.  MHDC does not build or renovate housing itself; rather, it functions as a bank, providing financing directly to borrowers or through a network of private lending institutions. Most of MHDC's programs operate as a public-private partnership.