2002 Section 108 Project Summary - Michigan
The City of Flint's Business Loan Program was established with $6,000,000 in Section 108 loan guarantee assistance. Eligible applicants for loans include private businesses, for-profit developers, non-profits, and hotel developers. The Section 108 proceeds will be used for the following activities: land acquisition, building acquisition, new construction, renovation, machinery and equipment, and working capital. The City was awarded a HUD Economic Development Initiative (EDI) Grant for $700,000 in FY 1999 to set up a loan loss reserve or a subordinated subsidized loan, depending on the City's underwriting. The City will approve the loans and monitor the use of the Section 108 and EDI funds. The program is expected to create 171 full-time equivalent jobs, to be made available primarily to the low- and moderate-income persons living in the Enterprise Community.
PUBLIC IMPROVEMENTS TO SPUR PRIVATE INVESTMENT
The Section 108 Program is helping Wayne County complete its financing of public facilities construction and reconstruction in the City of Hamtramck. The County has been awarded a $758,000 loan guarantee. The Hamtramck Downtown Development Authority will oversee the project for the City and County. The project will refurbish worn and hazardous streetscape features in the historic section of Joseph Campau St. between Caniff and Holbrook Streets. The activity will benefit low- and moderate-income area residents. Total project cost is estimated at $2,578,000.
|May 19, 2011|