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CUOMO ANNOUNCES $2.9 MILLION IN HUD ASSISTANCE TO MADISON, WISCONSIN FOR NEW COMMUNITY CENTER
WASHINGTON - Housing and Urban Development Secretary Andrew Cuomo today announced a $2.9 million HUD loan guarantee to Madison, WI, to help fund construction of a community center for residents on the north side of the city.
"This loan guarantee will strengthen HUD's partnership with Madison," 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 $2.9 million loan guarantee will fund the construction of a community center that will provide services to residents on the north side of Madison, which includes several low-income apartment complexes.
Madison officials worked with area residents to design and develop the Warner Park Community Recreation Center to meet their needs. The Northside Planning Council spearheaded a fund-raising effort that has raised more than $700,000 for the center. The North/East Coalition of Older Adults has also worked to establish the center. Ground was broken for the center on Saturday, April 4th.
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.
Senator Herb Kohl said: "This funding will result in meaningful improvements for residents of Madison's Northside area and beyond: Some will benefit through their direct involvement with the new center, while the community as a whole will gain through this vital building project and positive addition to the neighborhood. I'm pleased that HUD is helping to invest in Madison's Northside area."
Senator Russ Feingold said: "I would like to congratulate Mayor Bauman, the City of Madison and the 800 businesses, organizations, families and individuals who have contributed to making the Warner Park Community Recreation Center a reality. I represented the Northside of Madison for 10 years as a State Senator, and have knocked on every door in the neighborhood, so I am pleased to see this project finally come to fruition. The new community center will draw people together and help them meet the challenges Madison will face as the new century approaches."
Congressman Scott Klug said: "This is a great project needed by these areas of Madison. It is a super example of the type of public-private partnerships that HUD is engaging in."
Madison Mayor Susan J.M.Bauman said: "Under Secretary Cuomo's leadership, HUD is moving projects forward that will benefit Madison and its residents in coming years. This Section 108 loan for the Warner Park Community Recreation Center is an excellent example of HUD's continuing commitment to assist local governments in their community development efforts."
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.
Content Archived: January 20, 2009