SECRETARY CUOMO ANNOUNCES $1.2 MILLION IN HUD ASSISTANCE TO BEAVER COUNTY, PENNSYLVANIA FOR NEW SEWER SYSTEM

WASHINGTON -- Housing and Urban Development Secretary Andrew Cuomo today announced a $1.2 million loan guarantee to Beaver County, PA to help finance installation of a sanitary sewer system. The county expects to leverage $2.4 million from other sources to complete the project.

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

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 to complete financing for major job creation activities.