CUOMO ANNOUNCES $3 MILLION IN ASSISTANCE TO LITTLE ROCK FOR DRAINAGE AND INFRASTRUCTURE IMPROVEMENTS

WASHINGTON - Housing and Urban Development Secretary Andrew Cuomo today announced a $3 million HUD loan guarantee to Little Rock, AR, to fund the construction of drainage and infrastructure improvements.

"This loan guarantee will strengthen HUD's partnership with Little Rock," Cuomo said. "This is an example of the type of wise investment by the Clinton Administration that is helping communities around the nation."

Cuomo said the $3 million loan guarantee will be used to construct drainage and infrastructure improvements in some of Little Rock's Community Development Block Grant Redevelopment Areas, where the majority of residents have low and moderate incomes. Among improvements to be funded are new streets, sidewalks and storm drainage at Highland Court, a former public housing complex undergoing redevelopment; work along Swaggerty Branch, Black Road and reconstruction work on West Maryland Street.

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.

Little Rock Mayor Jim Dailey said: "Little Rock is very excited and grateful to Secretary Cuomo and the Department of HUD. As we enter into the new Millennium, we must ensure the City's basic infrastructure needs are being addressed and this announcement allows us a wonderful opportunity to reach that goal."

HUD's Economic Development 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.