HUD AWARDS $29.4 MILLION IN GRANTS TO HELP LOCAL COMMUNITIES REDEVELOP BROWNFIELDS AND TO CREATE THOUSANDS OF JOBS
Springfield, Missouri will receive $1.2 million for the Jordan Valley Park Development

WASHINGTON - An abandoned factory, a vacant industrial area and an old oil field hardly seem suitable for commercial, residential or cultural development but soon these, and 19 other "brownfields" will be restored to
thriving parts in their communities because of $29.4 million in grants announced today by Housing and Urban Development Secretary Mel Martinez.

The funding is provided through HUD's Brownfields Economic Development Initiative (BEDI) to 21 communities and is expected to stimulate more than 5,000 jobs. In addition, HUD will also guarantee more than $117 million in loans committed by the communities to help restore these areas.

"These grants will enable HUD to work with local communities to revitalize these areas," said Martinez. "We will develop creative solutions and breathe new life into these areas, cleaning them up and restoring them into vital
areas where people can live and work."

The City of Springfield will receive $1.2 million of BEDI funds and $8 million in Section 108-guaranteed loan funds to assist with the development of the 300-acre Jordan Valley Park in the former downtown industrial corridor. The
funded project will include the development of 54,000 square feet of office space, 27,000 square feet of residential units and 10,000 square feet of restaurant and retail space. The city estimates that the project will also create approximately 100 jobs. The total project costs are estimated at $11.1 million.

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 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 $153 million in BEDI grants and $727 million in companion Section 108-guaranteed-loans in 120 communities. These funds have leveraged another $1.1 billion in other public and private funds.

HUD is the nation's housing agency committed to increasing homeownership, particularly among minorities, creating affordable housing opportunities for low-income Americans, supporting the homeless, elderly, people with disabilities and people living with AIDS. The Department also promotes economic and community development as well as
enforces the nation's fair housing laws. More information about HUD and its programs is available on the Internet at www.hud.gov.

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