|HUD Reg. VI: 18-31
Patricia Campbell / Scott Hudman
(817) 978-5974 / (713) 718-3107
May 16, 2018
IRVING RECEIVES OVER $3.3 MILLION IN HUD LOAN GUARANTEES FOR EXPANSION OF GEORGIA FARROW RECREATION CENTER
FORT WORTH - The U.S. Department of Housing and Urban Development (HUD) today announced the approval of a $3,359,000 loan guarantee to the city of Irving, which will help provide for the needed expansion of the Georgia Farrow Recreation Center (Center). The 11,128 square-foot expansion will enable the City to update the Center through the construction of a second gymnasium with bleachers, locker rooms with showers, an additional storage room, a game room area, and an expanded fitness room. The guaranteed loan funds, along with $355,706 in Community Development Block Grant (CDBG) funds will also finance a second parking lot, sidewalks, security lighting, signage, and accessibility improvements to ensure compliance with the Americans with Disabilities Act (ADA) on-site.
HUD is providing the loan guarantee assistance under its Section 108 Loan Guarantee Assistance Program which enables local governments to borrow money from private investors at reduced interest rates. State and local governments use this financing to assist with a variety of community and economic development projects, including those projects that create employment opportunities. Over the years, Section 108 guarantees generally have generated $4 of private investment for every $1 in Section 108 guarantee.
The Center, which is located in the Bear Creek neighborhood, serves a primarily low- and moderate-income (LMI) population. The Center has a high utilization rate, with over 1,200 users per day and 14,400 users per year. Moreover, the Center is home to the RISE Adventures Quadriplegic Rugby Program. RISE is a not-for-profit organization that assists persons with physical challenges to Recover, Inspire, Succeed and Empower themselves and others by providing inclusive adaptive recreational sports programs at no cost.
"The Georgia Farrow Recreation Center Serves 1,200 people a day, and this needed expansion will make it a more vital part of the community with needed amenities and resources for area residents and their families now and into the future," said Beth Van Duyne, HUD Regional Administrator. "The additional CDBG funding will help maintain a focus on accessibility for the disabled and RISE, a key program for the center and the community."
Section 108 loans are not risk-free, however; local governments borrowing funds secured by this loan guarantee program must pledge a portion their current and future Community Development Block Grant (CDBG) allocations, as well as additional project assets to cover the loan amount as security for the repayment of the loan. The length of time for repaying these loans can be up to 20 years.
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