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HUD Archives: News Releases


HUD No. 97-269
Further Information:For Release
In the Washington, DC area: 202/708-1420Friday
Or contact your local HUD officeNovember 14, 1997

CUOMO ANNOUNCES $10 MILLION IN LOAN GUARANTEES FOR JAZZLAND

NEW ORLEANS -- Housing and Urban Development Secretary Andrew Cuomo today announced that HUD will make available an additional $10 million in loan guarantees to New Orleans to help the city move forward with the Jazzland Theme Park -- on top of $15 million in loan guarantees HUD provided earlier for the project.

The 100-acre entertainment, retail and amusement park development is projected to create 740 permanent jobs and 1,000 part-time jobs.

The loan guarantees will be made available under HUD's Economic Development Loan Guarantee Fund, which promotes economic development and job creation. The majority of jobs created by each project are available to people with low and moderate incomes.

Cuomo made the announcement at the end of a day-long visit to New Orleans with his top staff.

"The best way to bring a new prosperity to New Orleans and other cities around our nation 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 Assistant Secretary for Community Planning and Development Saul Ramirez toured the Jazzland site today and met with local officials to discuss the loan guarantees for the project. Cuomo finalized the agreement on the loan guarantees in talks with Mayor Marc H. Morial this afternoon.

"We are pleased to have these additional HUD funds to move this important economic development project forward," Morial said. "Secretary Cuomo understands the needs of America's cities and he has proven that today, on his visit to New Orleans."

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.

 

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