$1,000,000.00 awarded for innovative finance and asset concession (ifac) to norfolk redevelopment & housing authority

The Department of Transportation Immediate Office of the Secretary awarded a one million dollar Cooperative Agreement to Norfolk Redevelopment & Housing Authority on September 1, 2026, under the Asset Concessions and Innovative Finance Assistance program (CFDA 20.945).

The recipient will advance redevelopment of three transit-accessible assets—Calvert Square, Young Terrace, and Parcel 8A on East Freemason Street—by conducting feasibility studies, environmental scans, and transit access analysis; performing engineering and planning work; developing capital stack models and value-for-money analyses; and formulating public-private partnership procurement strategy and predevelopment readiness assessment. Deliverables include a work plan, quarterly reports, project deliverables, and compliance documentation under 2 CFR 200.

The award obligates one million dollars with a period of performance from September 1, 2026 through August 31, 2029. Work is performed in Virginia. The program provides grants and expert services to eligible public entities to build technical capacity for evaluating public-private partnerships and asset concessions on transportation infrastructure assets. The beneficiaries are current residents of Young Terrace and Calvert Square, as well as future residents of new mixed-income housing developed on these sites.

Activities to be performed: advance the redevelopment of three transit-accessible assets?calvert square, young terrace, and parcel 8A on east freemason street by conducting feasibility, environmental scans, and transit access analysis, engineering & planning, developing capital stack models, value-for-money analyses, and P3 procurement strategy and predevelopment readiness. Deliverables/expected outcomes: work plan, quarterly reports, project deliverables and 2 CFR 200 compliance. Beneficiaries: young terrace and calvert square residents, future residents of the new mixed-income housing.