News Release

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The funding is provided through HUD's Brownfields Economic Development Initiative(BEDI) to 21 communities and is expected to stimulate more than 5,000 jobs. In addition, HUD will also guarantee more than $117 million in loans committed by the communities to help restore these areas (see attached list).

"These grants will enable HUD to work with local communities to revitalize these areas," said Martinez. "We will develop creative solutions and breathe new life into these areas, cleaning them up and restoring them into vital areas where people can live and work."

The funding and the guaranteed-loan assistance announced today help local governments to redevelop abandoned, idle or underutilized facilities where redevelopment is complicated by environmental contamination. By combining grants with a low-interest guaranteed-loan program, HUD helps communities to convert abandoned or underutilized sites into useful commercial and industrial developments.

Often perceived as unproductive eyesores in their communities, these brownfields hold tremendous potential as sites for community revitalization. Many of these brownfield sites are strategically located in or around key areas and were, in many cases, the reasons why the city or town was developed in the first place. HUD's experience is that with some environmental cleanup, abandoned factories or other industrial sites can be converted into new centers of community renewal.

Since 1998, HUD has made an investment of $153 million in BEDI grants and $727 million in companion Section 108-guaranteed-loans in 120 communities. These funds have leveraged another $1.1 billion in other public and private funds.

HUD is the nation's housing agency committed to increasing homeownership, particularly among minorities, creating affordable housing opportunities for low-income Americans, supporting the homeless, elderly, people with disabilities and people living with AIDS. The Department also promotes economic and community development as well as enforces the nation's fair housing laws. More information about HUD and its programs is available on the Internet.

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NOTE TO EDITORS: Detailed project summaries.