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HUD Archives: News Releases

HUD No. 98-28
Further Information:For Release
In the Washington, DC area: 202/708-1420Thursday
Or contact your local HUD officeJanuary 29, 1998


WASHINGTON -- Housing and Urban Development Secretary Andrew Cuomo today announced $1.3 million in loan guarantees to Buffalo, New York.

Cuomo said $1.15 million of the loan guarantees will fund activities associated with the construction of an industrial incubator facility to be located on a vacant 2-acre parcel along the new William Gaiter Parkway (formerly the Northeast Buffalo Parkway).

The other $175,000 of the loan guarantees will be used by the city to capitalize a debt service reserve account.

Both activities will benefit low- and moderate-income people through the creation and retention of jobs.

"These loan guarantees will strengthen HUD's partnership with Buffalo," 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.

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