Using a community-engaged participatory research approach, this study identified surrounding community residents’ expectations for how a HOPE VI (Housing Opportunities for People Everywhere) housing initiative might affect their community and individual health and physical activity. Fifty-nine women and men engaged in concept mapping, which is a mixed-methods approach, where participants generate, sort, and rate ideas. Participants generated 197 unique statements. Thirteen thematic clusters related to expected changes for the community, health, and physical activity emerged. Residents’ rated increased pride in the neighborhood and increased safety as the most important factors related to HOPE VI, whereas drawbacks of HOPE VI was rated as least important. This research provides insight into the potential impacts of housing initiatives from the perspective of those most affected by such initiatives. The findings also highlight environmental changes as potential mechanisms that may improve residents’ perceptions of the community and encourage healthy lifestyles.