2003 Section 108 Project Summaries
In Fiscal Year 2003, HUD approved sixty five Section 108 loan guarantee commitments in the aggregate amount of $333,683,000. The Section 108 loan guarantee program provides local governments with a highly attractive option for financing a wide range of community and economic development activities. In some cases, the financial demands of these activities exceed available local resources, including funds available through the CDBG program. In other cases, the activities are well suited to the affordable, structured financing available through the Section 108 program. For further program details, click here for the Section 108 fact sheet or the Section 108 program home page.
Twenty-five of these projects were further assisted by HUD through the competitive award of Economic Development Initiative (EDI) and Brownfields EDI (BEDI) funds. Individual project descriptions provide further detail with regard to EDI and BEDI grant amounts. These commitments fall into three distinct categories: Economic Development; Housing; and Public Facilities.
A total of $155,181,000 in Section 108 loan guarantee authority was committed to twenty-nine projects across the country. The size of the commitments ranged from $250,000 in Middletown, NY, to $40,000,000 for a hotel construction loan fund in Boston, MA. Seventeen of these projects were further assisted with EDI or BEDI grant funds. The total amount of EDI and BEDI funding for these projects is $21,025,000, with $79,815,000 in Section 108 commitments.
Seven housing projects received a total of $47,065,000 in Section 108 commitments in the Fiscal Year 2003. Major projects include the redevelopment of the historic East Baltimore neighborhood in Baltimore, MD, and acquisition and rehabilitation of an existing housing complex in Key West, FL, to address affordable housing needs. One project in New York, NY, received an award of $665,000 of BEDI to address environmental issues related to the redevelopment of the former Rheingold Brewery in Brooklyn as an affordable housing site.
HUD approved a total of $131,437,000 in Section 108 authority for twenty-nine public facilities projects. Commitments of at least $10,000,000 were approved for communities as diverse as Bayamon, PR, Norfolk, VA, Berks County, PA, and Portland, OR. Seven of these projects with an aggregate of $34,524,000 in Section 108 funding were also assisted with HUD EDI or BEDI funds totaling $10,150,000.
|May 19, 2011|