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HUD Archives: News Releases

HUD No. 98-79
Further Information:For Release
In the Washington, DC area: 202/708-0685Tuesday
Or contact your local HUD officeFebruary 17, 1998


ALHAMBRA, CA -- Housing and Urban Development Secretary Andrew Cuomo today said HUD's investment of $2.7 million in loan guarantees and economic development assistance to Alhambra, CA is helping to revitalize the city.

Cuomo visited Alhambra today to see how the city has utilized just over $2 million in loan guarantees and a $675,000 Economic Development Initiative grant from HUD for an "Alhambra Renaissance" project on the City's Main Street.

Alhambra is using the HUD assistance to demolish blighted buildings downtown to make room for new stores that will create 55 to 104 new jobs. Additional jobs will be created by filling existing vacant retail and office space as a result of the new project.

Cuomo visited Charlie Trio's Restaurant in Alhambra, a new business attracted by the revitalization effort.

"Last time I was in Alhambra, this restaurant wasn't open yet, but people told me it would have great Italian food," Cuomo said. "Today, I've come back to judge for myself."

"This economic revitalization project will strengthen HUD's partnership with Alhambra," Cuomo said. "This is an example of the type of wise investment by the Clinton Administration that is helping communities around the nation."

Cuomo met with Alhambra Mayor Barbara Messina while he was on a four-day visit to Southern California to see HUD programs in action, meet with mayors and others, and learn more about challenges facing the region.

Congressman Matthew Martinez , who also met with Cuomo, said: "I am delighted to welcome Secretary Cuomo to view the areas where the HUD grants will create jobs in the 31st District."

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.

Grants from HUD's Economic Development Initiative enable localities to carry out economic development activities where public and private dollars can be leveraged to create jobs and other benefits.

Cuomo also said that President Clinton's proposed 1999 budget would further benefit Alhambra, by boosting other HUD assistance to the city from about $2.6 million this year to an estimated $2.9 million next year.

In addition, Alhambra could apply for further assistance if President Clinton's proposal for a HUD Community Empowerment Fund is approved as part of the 1999 federal budget. The Community Empowerment Fund would make $400 million in grants to help economically distressed communities create and retain an estimated 280,000 jobs. The communities would use the funds to leverage an estimated $2 billion in private sector loans to businesses.

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