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CUOMO ANNOUNCES $4.4 MILLION IN HUD ASSISTANCE TO ATLANTA FOR MECHANICSVILLE REVITALIZATION AND ECONOMIC DEVELOPMENT
WASHINGTON - Housing and Urban Development Secretary Andrew Cuomo today announced $4.4 million in HUD loan guarantees to Atlanta to help fund new housing development, public improvements, neighborhood services, job creation, retail store development and other economic development in the city's Mechanicsville neighborhood.
The project, located within Atlanta's Empowerment Zone, will serve as a catalyst for the implementation of a community-based redevelopment plan for Mechanicsville, Cuomo said.
The new HUD assistance will be used in addition to a previously approved $1.25 million HUD Economic Development Initiative grant. The HUD loan guarantees are expected to leverage private investment to speed the improvement of areas like the Ralph David Abernathy Boulevard corridor.
"These loan guarantees will strengthen HUD's partnership with Atlanta," Cuomo said. "This is an example of the type of wise investment by the Clinton Administration that is helping communities around the nation."
In Mechanicsville, the funds will be used to:
Senator Max Cleland said: "The grant from HUD will get the needed housing and economic improvements in the Mechanicsville neighborhood off the ground and to a great jump-start. HUD's commitment to improving communities, through job creation and construction of new housing facilities and commercial properties, such as in the Atlanta area, is to be commended."
Congressman John Lewis said: "I am pleased to join Secretary Cuomo in announcing HUD's new financial commitment to the Mechanicsville area, just south of downtown Atlanta. HUD's new investment of $4.4 million is a wonderful award that will help spur the economic development of the area, create good jobs and help make the dream of homeownership a reality for so many families and residents. I want to thank Secretary Cuomo for making this important investment that will have a real impact on our community."
Atlanta Mayor Bill Campbell said: "The $4.4 million from HUD will be a tremendous boost to Mechanicsville Community's housing needs as well as helping us reach our goals of revitalizing our inner city neighborhoods. We thank HUD and Secretary Cuomo and Secretary's Representative Davey Gibson for delivering this good news to the people of Atlanta."
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