CUOMO ANNOUNCES MORE THAN $15 MILLION IN ECONOMIC DEVELOPMENT ASSISTANCE TO TAMPA AND ST. PETERSBURG

WASHINGTON - Housing and Urban Development Secretary Andrew Cuomo today announced the approval of more than $15 million in new HUD economic development assistance to Tampa and St. Petersburg, FL.

"Today's announcement is evidence of the Clinton Administration's strong commitment to help revitalize America's cities and help businesses prosper and create good jobs for American workers," Cuomo said. "With these announcements, we are strengthening our partnership with Tampa and St. Petersburg to help spur job growth and economic development."

Tampa received approval of $9.07 million in HUD Economic Development Loan Guarantees to support the construction of the Centro Ybor retail and entertainment center in central Tampa. St. Petersburg received loan guarantees in the amount of $6.25 million to assist a new company, WHJoint Venture, LLC/Max-E, LLC establishing a mail-order pharmacy enterprise in St. Petersburg.

According to Cuomo, the Tampa project is expected to create more than 975 jobs, including 300 full-time permanent positions. The mail-order pharmaceutical business will create a minimum of 372 jobs for St. Petersburg, of which more than 250 will be made available to low-and moderate-income individuals.

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 majority of jobs created by each project are available to people with low and moderate incomes.

The 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 to complete financing for major job creation activities.