HUD Archives: News Releases
HUD APPROVES $5 MILLION LOAN GUARANTEE TO CHICOPEE
BOSTON - The U.S. Department of Housing and Urban Development today announced that it is approving a $5 million loan guarantee to the City of Chicopee to construct an Older Adult Community Center. The funding will be used for clearance and construction of a 21,000-square foot complex, including parking to be located on the former Facemate site.
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.
"This loan guarantee is one of the most successful investment tools that HUD offers to local governments," said Barbara Fields, HUD New England Regional Administrator. "HUD is committed to strengthening communities and the Community Center will play a vital role in serving Chicopee's growing senior population."
According to the City's application to HUD, the Older Adult Community Center is expected to serve a senior
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 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.
|Content Archived: May 30, 2012|