CUOMO ANNOUNCES $4.5 MILLION IN HUD ASSISTANCE TO BUCKS COUNTY, PENNSYLVANIA FOR ECONOMIC DEVELOPMENT

WASHINGTON - Housing and Urban Development Secretary Andrew Cuomo today announced $4.5 million in HUD loan guarantees to Bucks County, Pennsylvania to help fund the reuse and redevelopment of abandoned and underutilized industrial sites, expand businesses, and establish new businesses within the State Enterprise Zone of Bucks County.

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

In Bucks County, the funds will be used to:

• Set up a Revitalization Loan Fund under the County's Enterprise Zone Assistance Program. The fund will offer up to $1 million to for-profit businesses and non-profit economic development agencies.

• Under the County Redevelopment Authority, loans up to $2.5 million will fund remediation; clearing and preparation of blighted properties in the State Enterprise Zone for reuse by for-profit businesses.

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.