Norfolk, VA (PRWEB) April 02, 2013
An economic impact analysis performed by the College of William and Mary Mason School of Business for Norfolk Redevelopment and Housing Authority found the agency annually creates $121.5 million for the city’s economy in addition to 1,148 jobs with an average wage of $46,434 at a time when the region was in the middle of an historically severe recession. NRHA enabled 7,065 Norfolk households to live in better quality housing than they could have afforded otherwise in FY2010. These households included a total of 17,600 people, or 7.25% of the total 2010 Norfolk population.
The study was broken down into four components:
1. Central Brambleton neighborhood from 1991 - 2010 (a case of their redevelopment efforts)
2. Housing Choice Voucher (HCV) Program in fiscal year 2010
3. Eleven NRHA assisted-rental communities in fiscal year 2010
4. Overall view of NRHA
“These four related studies over a two-year period are a rare comprehensive look at the quantitative and qualitative impacts of the many diverse activities of a redevelopment and housing authority”, said study professors Roy L. Pearson and K. Scott Swan. In fact the New York Housing Authority, the nation’s largest, has contacted NRHA on how to go about such a study.
The study concluded:
The professors noted, “It is clear that success of their programs is dependent on highly motivated, quality people and effective partnerships. One of the most important is NRHA’s continuing ability to work with City of Norfolk. This seems to be a solid relationship - - mutually admirable comments and success abound – and their efforts match well with the city’s initiatives.”
Additional information on the study can be found on the NRHA website at http://bit.ly/14IxZRE.
Additional information on the Mason School of Business can be found at http://mason.wm.edu.
Founded in 1940, NRHA is a national leader in community revitalization and fostering sustainable mixed-income communities. As the largest redevelopment and housing authority in Virginia, NRHA is an important driver of the local economy.