2004 Section 108 Project Summaries - Texas

COPC Medical Clinic
BORROWER: IRVING
STATE: TX
COMMITMENT AMOUNT: $5,200,000
Irving will use the Section 108 guaranteed loan to finance acquisition of real property, site preparation, and construction of a 40,000 square foot public medical clinic. The medical clinic will provide a community site for non-emergency treatment and preventive care. The activity will benefit the estimated 30,000 medically indigent persons living in Irving, of which at least 51% are low- to moderate-income persons.

Hotel Marshall Renovations
BORROWER: MARSHALL
STATE: TX
COMMITMENT AMOUNT: $380,000
Marshall has been awarded a Section 108 loan guarantee to assist in financing an eligible economic development activity. The Hotel Marshall involves renovating and converting the eleven-story hotel into a mixed-use structure. Upon completion, Section 108 funds will be used to address conditions of blight on a spot basis to eliminate specific conditions detrimental to public health an safety.

Redevelopment Loan Program
BORROWER: EL PASO
STATE: TX
COMMITMENT AMOUNT: $5,000,000
El Paso will use the Section 108 guaranteed loan to establish a loan fund for the purpose of making loans to small businesses and making loans for housing rehabilitation in the City's Federally-designated Empowerment Zone. The city estimates that the small business loans will cause the creation of an estimated 70 new jobs which will be held by low- and moderate-income persons. The assisted housing rehabilitation projects will be occupied by low- and moderate-income persons. Also, the city will target financing from its loan fund for activities to eliminate blighting conditions in its two Tax Increment Financing Districts.