|HUD No. 01-31-12
January 31, 2012
HUD APPROVES $8.8 MILLION LOAN GUARANTEE TO CITY OF DURHAM
City and HUD to support multi-million housing development on Durham's south side
CHARLOTTE, NC - The U.S. Department of Housing and Urban Development (HUD) today announced that the agency is approving an $8,800,000 loan guarantee to the City of Durham for the Southside/Rolling Hills Neighborhood Redevelopment Project. This project will consist of three phases of rental development, producing approximately 310 units and three phases of homeownership development, resulting in approximately 128 single-family homes. The project is located in Durham's Southside area within a HUD-approved Neighborhood Revitalization Strategy Area (NRSA).
HUD's Section 108 Loan Guarantee Assistance Program enables local governments to borrow money from private investors 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 that many private firms and individuals need to invest in distressed areas. .
"Today, we take another step forward in a new vision for this neighborhood," said HUD Southeast Regional Administrator Ed Jennings, Jr. "The City of Durham will not only cultivate a community of new homes and apartments for its citizens but will generate new jobs in the process."
HUD's loan guarantee will stimulate other public and private investment in the project:
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