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HUD Archives: News Releases
CUOMO AWARDS $2.4 MILLION IN ASSISTANCE TO NEWBURGH
NEWBURGH, NY - Housing and Urban Development Secretary Andrew Cuomo awarded more than $2.4 million in economic development aid to Newburgh, NY today. The Secretary announced the aid at community roundtable which capped off a day long tour of the city. The aid came in the form of a $2.125 million loan guarantee approval and $300,000 in urban development grants. The loan guarantee, from HUD's section 108 program will be used to support several economic development activities:
The urban development grant is slated to be used for a medical/technical small business incubator as part of the Newburgh/Kingston Enterprise Community's strategic plan.
"This project will help revitalize Newburgh," Cuomo said. "HUD is committed to working with Mayor Carey, Congressman Hinchey and the citizens of Newburgh to make the city's future brighter," Cuomo added.
"The City of Newburgh's revitalization depends on partnerships with many people and today's announcement demonstrates Secretary Cuomo's continuing commitment to our community," said Newburgh Mayor Audrey Carey.
"The City of Newburgh's current resurgence has been accomplished with the help of many people including Secretary Cuomo and the Department of Housing and Urban Development," said Congressman Maurice Hinchey. "Together we will continue to strengthen and build our community," he added.
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 Economic Development 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.
Content Archived: January 20, 2009