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HUD Archives: News Releases
CUOMO ANNOUNCES $2.4 MILLION IN HUD ASSISTANCE TO SOUTH BEND, INDIANA FOR THREE CITY PROJECTS
WASHINGTON - Housing and Urban Development Secretary Andrew Cuomo today announced $2.4 million in HUD loan guarantees to South Bend, IN, to help fund the purchase of land for downtown redevelopment, the expansion of the LaSalle Recreation Center and the expansion of the Center for the Homeless.
"These loan guarantees will strengthen HUD's partnership with South Bend," 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 $2.4 million in HUD loan guarantees will be used by South Bend in the following ways:
HUD Acting Deputy Secretary Saul Ramirez joined South Bend Mayor Stephen Luecke and Representative Tim Roemer in a telephone news conference today to discuss the loan guarantees.
Senator Richard Lugar said: "This funding is a sound investment in the development of South Bend, its neighborhoods and its efforts to assist the homeless."
Congressman Tim Roemer said: "I am very pleased by today's announcement. The HUD loan guarantee will allow South Bend to pursue several projects that will provide both economic and community development while improving the quality of life in South Bend. These loans - whether it be expanding the LaSalle Center or making improvements to the Center for the Homeless - are an important investment in our neighborhoods."
South Bend Mayor Stephen Luecke said: "This Section 108 Loan has allowed the City of South Bend to assist in the expansion of the Center for the Homeless, to improve recreational facilities for young people and citizens of LaSalle Park, and to continue the revitalization of downtown. We believe that investing these dollars will have a positive impact on the lives of many of our citizens. I am grateful to Secretary Cuomo and Representative Roemer for their staunch support for programs like the Section 108 Loan and Community Development Block Grants, which help cities address the needs of low and moderate income residents and reverse the blighting influences in our communities."
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 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