HUD APPROVES $1.5 MILLION LOAN GUARANTEE TO DEMOLISH AND RECONSTRUCT FIRE STATION IN PARKERSBURG

PHILADELPHIA - The U.S. Department of Housing and Urban Development (HUD) announced today that it is approving a $1.5 million loan guarantee to the City of Parkersburg, West Virginia to finance the demolition and reconstruction of Fire Station #2, replacing the existing station.

"This loan guarantee will enable the city to focus its efforts on rebuilding its fire station rather than investing significant time and money into major building systems seriously in need of repair," said Joe DeFelice, Regional Administrator of HUD's Mid-Atlantic region. "Once constructed, it will serve more than 10,000 people."

The reconstruction will span approximately 6,000 square feet, breathing new life into the 80-year-old station with the following upgrades and amenities:

• New front office and fitness center
• Expanded living quarters
• New community room
• Six sleeping rooms
• Two showers and restroom facilities

HUD's Section 108 Loan Guarantee Assistance Program (https://www.hudexchange.info/programs/section-108/section-108-program-eligibility-requirements/#overview) enables local governments to borrow money at reduced interest rates to promote economic development, stimulate job growth and improve public facilities. Capable of transforming entire communities, the program is one of the most powerful public investment tools HUD offers local governments.

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