HUD APPROVES $3.2 MILLION LOAN GUARANTEES TO BREVARD COUNTY, FL

MIAMI, FL - The Department of Housing and Urban Development today announced that it is approving two loan guarantees to Brevard County, one for $1,600,000 to build a health clinic to serve low income persons in the City of Melbourne, and one for $1,648,000 to build approximately a 3.8 mile potable waterline loop to connect the West Canaveral Grove area to the municipal water system.

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 Regional Administrator for the Southeast Ed Jennings, Jr. "The program will provide much needed services to disadvantaged communities and provide jobs for Brevard County residents who need them most," said Jennings.

According to the applications to HUD, The Brevard County Health Department will operate the clinic, which will be located in a low-income community. The target population for the clinic has particular problems with securing transportation to receive services, so the Health Department Building's location is of particular importance. The West Canaveral Grove waterline will provide fire protection services for a residential service area in which approximately 77% of the residents are low and moderate income persons. The waterline will also  include features to permit future direct access to residents along Satellite Boulevard and Chervan Avenue.

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