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September 11, 2003
HUD APPROVES A $5 MILLION SECTION 108 LOAN GUARANTEE PROJECT FOR LEFLORE COUNTY, MISSISSIPPI
JACKSON - Leflore County, Mississippi has received approval of a $5 Million Section 108 Loan Guarantee request and an amendment for an Economic Development Initiative (EDI) Grant from the Department of Housing and Urban Development to stimulate economic development in six counties. In the $3.5 million EDI Grant, Leflore County, along with Holmes, Sunflower, Humphreys, Washington, and Sharkey counties, propose to establish a business loan, technical assistance and financial services program with a service area within the boundaries of the six counties.
"The approval and funding we announce today is an investment in Mississippi's future - promoting economic development and job growth, increasing the supply of affordable housing and helping our most vulnerable neighbors," said Brian Noyes, HUD's Regional Director. "These resources are evidence of HUD's continuing commitment to provide communities with the resources they need to meet the particular needs of their residents."
Section 108, the loan guarantee provision of the Community Development Block Grant program, is one of the most potent and important public investment tools that HUD offers to local governments. It allows them to transform a small portion of their CDBG funds into federally guaranteed loans large enough to pursue physical and economic revitalization projects that can renew entire neighborhoods.
HUD is the nation's housing agency committed to increasing homeownership, particularly
among minorities, creating affordable housing opportunities for low-income Americans,
supporting the homeless, elderly, people with disabilities and people living
with AIDS. The Department also promotes economic and community development as
enforces the nation's fair housing laws. More information about HUD and its programs is available on the Internet.