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HUD Archives: News Releases
CUOMO ANNOUNCES $200,000 IN ECONOMIC DEVELOPMENT LOANS TO TRENTON, NJ TO HELP PURCHASE HOME RUBBER CO. AND SAVE 43 JOBSWASHINGTON - U.S. Housing Secretary Andrew Cuomo today announced $200,000 in economic development assistance for Trenton, NJ that will help local investors buy the Home Rubber Company, preventing the loss of 43 full-time jobs.
The $200,000 will leverage an additional $548,750 in private financing, as well as $116,250 in loan funds from the New Jersey Economic Development Authority.
"The best way to bring a new prosperity to our cities and their people is to create jobs," Cuomo said. "The Clinton Administration's wise investment in job creation will help transform our cities, improve lives and strengthen our economy."
"With these economic development loans, the Clinton Administration is saying to communities in Trenton and throughout the country that we must work together as partners to rebuild, revitalize and strengthen America's communities," said Trenton Mayor Douglas Palmer.
HUD's Economic Development Loan Guarantee Fund provides communities with a source of financing for job creation, housing rehabilitation, and construction of public facilities and large- scale development projects. The majority of jobs created by each project are available to people with low and moderate incomes.
The loan guarantees, also known as the Section 108 program, save communities money by reducing the interest rate they would have been charged on loans from commercial lenders. The guarantees also make loans more readily available and often attract other sources of funding from local and state governments, non-profits and the private sector to complete financing for major job creation activities.
Content Archived: January 20, 2009