2005 Section 108 Guaranteed Loan Program Overview
Historical Project Summaries
In fiscal year 2005, HUD approved forty-nine Section 108 Loan Guarantee commitments in the aggregate amount of $336,592,000. The Section 108 Loan Guarantee Program provides local governments with a highly attractive option for financing a wide range of community and economic development activities, including housing rehabilitation, acquisition and site preparation, demolition, and commercial development. Generally, the financial demands of these activities exceed available local government resources, including HUD funds available through the Community Development Block Grant program. In all cases, however, these development activities are well suited to the affordable, structured financing available through the Section 108 Loan Guarantee program. HUD further assisted local governments through the competitive award of Brownfields Economic Development Initiative (BEDI) funds, which are approved in conjunction with the Section 108 Loan Guarantee financing for development projects that need environmental remediation caused by contamination.
Each of the Section 108 Loan Guarantee commitments are grouped into three categories of assisted project development: Economic Development, Housing, and Public Facilities. The assisted projects are described in the summaries provided below. In each category, there is introductory information followed by individual project financing summaries, which are listed alphabetically by Borrower Communities within states.
Economic Development Projects
Approximately $194,738,000 in Section 108 Loan Guarantee authority was committed to 33 projects across the country. The size of the commitments ranged from $668,000 in Middletown, NY for a small business loan to $10,000,000 in Milwaukee, WI for the Milwaukee Road Shops Project and in Los Angeles, CA for the DART Commercial Development Project. Seven of these projects were further assisted with BEDI grant funds.
Five housing projects received approximately $22,700,000 in Section 108 commitments in the fiscal year 2005. Project assistance includes funding for the Northridge Earthquake Recovery Project in which guaranteed loan funds financed housing rehabilitation to repair home damage from the earthquake.
HUD approved a total of $119,154,000 in Section 108 Loan Guarantee authority for 17 public facilities projects. Guaranteed Loans between $159,000 and $57,000,000 were approved for communities to assist in financing a variety of public facility type projects. Two of these projects will also be assisted with HUD Brownfields Economic Development Initiative grant funds.
|May 19, 2011|