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Historical
Project Summaries
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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.
Economic
Development
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.
States
with Economic Development Projects
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Housing
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.
States
with Housing Projects
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Public
Facilities
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.
States
with Public Facilities Projects
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