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HUD Archives: News Releases
CUOMO ANNOUNCES $29 MILLION IN ECONOMIC DEVELOPMENT LOANS TO PHILADELPHIA, CREATING HOMES AND JOBS FOR LOCAL RESIDENTS
WASHINGTON - Housing Secretary Andrew Cuomo today announced $29 million in economic development assistance for Philadelphia that will increase homeownership and create jobs for low- to moderate-income residents.
The $29 million in loan guarantee assistance will fund several projects, including: construction of single family homes in the Cecil B. Moore Homeownership Zone -- a predominantly residential area of North Philadelphia located near Temple University and Broad Street; construction of 50 new homes in the West Poplar neighborhood; and historic rehabilitation on Sears Street in South Philadelphia and on North 11th Street in North Philadelphia.
These activities combined will support about 950 jobs, including 200 new jobs, for city residents.
"The best way to bring a new prosperity to our cities and their people is to create jobs and expand homeownership," Cuomo said. "The Clinton Administration's wise investment in job creation and homeownership will help transform our cities, improve lives and strengthen our economy."
"With these vitally important economic development loans, the Clinton Administration is working as partners with neighborhoods throughout Philadelphia and throughout the nation to rebuild, revitalize, and strengthen our cities," said Philadelphia Mayor Edward Rendell.
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