August 25, 2010
HUD AWARDS $2 MILLION TO HELP TRANSFORM CITY OF PHILADELPHIA
Philadelphia to seek additional $2 million loan guarantee for the Haddington Health Center
PHILADELPHIA - The U.S. Department of Housing and Urban Development today announced $2 million to the City of Philadelphia for the construction of a new 34,570 square foot community health center. The project will create approximately 76 full time jobs for low-to-moderate income people. The total project cost is $15.5 million.
The funding is provided through HUD's Brownfields Economic Development Initiative (BEDI) which is intended to support community development in environmentally distressed locations. In addition, HUD will also guarantee a $2 million private loan committed by the city to further promote economic development in its downtown area.
The funding and the guaranteed-loan assistance announced today is designed to help local governments to
redevelop abandoned, idle or underutilized facilities where redevelopment is complicated by environmental contamination. By combining grants with a guaranteed-loan program, HUD helps communities to convert abandoned
or underutilized sites into useful commercial and industrial developments.
Often perceived as unproductive eyesores in their communities, these brownfields hold tremendous potential as sites for community revitalization. Many of these brownfield sites are strategically located in or around key areas and
were, in many cases, the reasons why the city or town was developed in the first place. HUD's experience is that
with some environmental cleanup, abandoned factories or other industrial sites can be converted into new centers
of community renewal.
Since 1998, HUD has made an investment of $171 million in BEDI grants and $761 million in companion Section 108-guaranteed-loans in 138 communities. These funds have leveraged another $1.2 billion in other public and private funds.
HUD is the nation's housing agency committed to sustaining homeownership; creating affordable housing opportunities for low-income Americans; and supporting the homeless, elderly, people with disabilities and people living with AIDS. The Department also promotes economic and community development ad enforces the nation's
fair housing laws. More information about HUD and its programs is available on the Internet at www.hud.gov and espanol.hud.gov.