2006 Section 108 Guaranteed Loan Program Overview
Historical Project Summaries
In the fiscal year 2006, HUD approved thirty-seven Section 108 Guaranteed Loan commitments in the aggregate amount of $223,121,000. 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 $172,954,000 in Section 108 Loan Guarantee authority was committed to 25 economic development projects across the country. The size of the commitments ranged from $750,000 to Council Bluffs, IA to provide financial assistance for the construction of a bank, to $19,000,000 to Detroit, MI for the Woodward Garden Block Project. Twelve of these projects were further assisted with BEDI grant funds.
Three housing projects received approximately $8,000,000 in Section 108 commitments in the fiscal year 2006. Project assistance included funding for the rehabilitation and redevelopment of the old Globe Mills factory site in Sacramento, CA into 31 loft-style apartments and 112 units of affordable senior housing. Two of the three housing projects were further assisted with BEDI grant funds.
HUD approved a total of $42,167,000 in Section 108 Loan Guarantee authority for nine public facilities projects. Guaranteed Loans between $700,000 and $12,157,000 were approved for communities to assist in financing a variety of public facility type projects.
|May 19, 2011|