CUOMO ANNOUNCES $2 MILLION IN ECONOMIC DEVELOPMENT LOANS TO DANVILLE, VA, CREATING JOBS FOR LOCAL RESIDENTS

The $2 million in loan guarantee assistance will be used to finance road construction and to extend water, sewer, and gas lines for the 425-acre site.

"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."

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 are 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.