August 20, 2010
HUD AWARDS $1 MILLION TO HELP TRANSFORM DOWNTOWN PORT HURON
City to seek additional $1.5 million loan guarantee to redevelop former Sperry's Department Store
DETROIT - The U.S. Department of Housing and Urban Development today announced $1 million to the City of Port Huron for the conversion of the Sperry's Department Store Building into new professional and retail space, which will provide over 15 business incubators, and create and retain 195 jobs. The total project cost is $11,022,443 million.
The funding is provided through HUD's Brownfields Economic Development Initiative (BEDI) which is intended to support community development in environmentally distressed locations. In addition, HUD will also guarantee a $1.5 million private loan committed by the city to further promote economic development in its downtown area.
The funding and the guaranteed-loan assistance announced today is designed to help local governments to
redevelop abandoned, idle or underutilized facilities where redevelopment is complicated by environmental contamination. By combining grants with a guaranteed-loan program, HUD helps communities to convert abandoned
or underutilized sites into useful commercial and industrial developments.
Often perceived as unproductive eyesores in their communities, these brownfields hold tremendous potential as
sites for community revitalization. Many of these brownfield sites are strategically located in or around key areas
and were, in many cases, the reasons why the city or town was developed in the first place. HUD's experience is
that with some environmental cleanup, abandoned factories or other industrial sites can be converted into new centers of community renewal.
Since 1998, HUD has made an investment of $171 million in BEDI grants and $761 million in companion Section 108-guaranteed-loans in 138 communities. These funds have leveraged another $1.2 billion in other public and private funds.
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.