HUD APPROVES $200,000 LOAN GUARANTEE TO LEOMINSTER

BOSTON - The U.S. Department of Housing and Urban Development today announced that it is approving a $200,000 loan guarantee to the City of Leominster to replace inadequate and deteriorating public infrastructure in the Comb and Carriage/French Hill Neighborhood. The project involves constructing approximately 8,000 linear feet of concrete sidewalks, curbs, and handicapped curb cuts as well as installing 80 street trees in this historic factory neighborhood.

The Comb and Carriage/French Hill Neighborhood is primarily residential and located between historic downtown and the Mall at Whitney Field. The neighborhood is where plastics were first used for women's combs and where the first baby carriage in the United States was manufactured.

"These loan guarantees are one of HUD's most successful economic development tools," said Barbara Fields, HUD New England Regional Administrator. "This investment will help Leominster to revitalize an historic neighborhood. Just one more example of HUD's efforts to work with Mayors to build strong communities."

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 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 asa 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.