HUD APPROVES $1.5 MILLION LOAN GUARANTEE TO SANTEE, CALIFORNIA

SAN FRANCISCO - The Department of Housing and Urban Development today announced that it is approving a $1.5 million loan guarantee to the City of Santee for Buena Vista/Railroad Avenue Neighborhood Improvement Project. The project consists of a series of rehabilitation of infrastructure components along Buena Vista and Railroad Avenues and three residential cul-de-sacs connecting to Buena Vista Avenue. The City on Santee will construct sidewalks and (Americans with Disabilities Act) ADA-compliant pedestrian ramps and rehabilitate streets and storm drains in a primarily residential area. The city will also install an underground conduit for street light installation. The project area is coterminous with a census tract composed of 53.9% low- and moderate-income persons.

HUD's Section 108 Loan Guarantee Assistance Program enables local governments to borrow money at reduced interest rates to promote economic development, stimulate job growth and improve public facilities. Such public investment is often needed to inspire private contributions, to provide seed money or to simply boost confidence private firms and individuals may need to invest in distressed areas.

"HUD's Loan Guarantee Program can be a powerful public investment tool to drive economic development in underserved areas," said HUD Secretary Shaun Donovan. "The program will be a boost to the City's revitalization efforts and provide jobs for L.A. residents who need them most."

The Buena Vista/Railroad Avenue Neighborhood Improvement Project will facilitate pedestrian and automobile access to residents on the three residential cul-de-sacs and Railroad Avenue. After the construction of the State Route 52 extension south of the project, Buena Vista and Railroad Avenues remain the only outlet for persons in the neighborhood trying to reach commercial corridors. Sidewalk installation on Lind Vern Court, Buena Valley Drive, and Railroad Avenue, along with pedestrian ramp construction on all five streets, will allow pedestrian access to the commercial areas. Additionally, the improvements to Buena Vista Avenue will ease east-west access for residents.

The infrastructure improvements will also improve residents' vehicular access on roads that are over 40 years old.
The installation of reinforced concrete pipe on Buena Vista and Railroad Avenues will allow for a more efficient drainage system and help eliminate flooding, in addition to guarding against storm drain collapse or failure.

###

HUD's mission is to create strong, sustainable, inclusive communities and quality affordable homes for all. HUD is working to strengthen the housing market to bolster the economy and protect consumers; meet the need for quality affordable rental homes: utilize housing as a platform for improving quality of life; build inclusive and sustainable communities free from discrimination; and transform the way HUD does business. More information about HUD and its programs is available on the Internet at www.hud.gov and http://espanol.hud.gov. You can also follow HUD on twitter @HUDnews, on facebook at www.facebook.com/HUD, or sign up for news alerts on HUD's News Listserv.