CUOMO ANNOUNCES $350,000 IN HUD ASSISTANCE TO ELIZABETH, NEW JERSEY FOR AFFORDABLE HOUSING REHABILITATION

WASHINGTON -- Housing and Urban Development Secretary Andrew Cuomo today announced $350,000 in loan guarantees to Elizabeth, NJ, to help finance the rehabilitation of an eight-unit apartment building located at 169-173 Reid Street.

The eight units will be available for the area's low- and moderate-income residents.

"This loan guarantee will strengthen HUD's partnership with Elizabeth as we work toward our common goal of expanding the supply of affordable housing," 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 majority of jobs created by each project are available to people with low and moderate incomes.

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.