The U.S. Department of Housing and Urban Development (HUD) awarded over $75 million in loan guarantee commitments to four cities. The infusion of cash will go toward building stronger communities and providing inclusive, robust opportunities for low- and moderate- income individuals.
“The Biden-Harris administration and HUD are committed to building and preserving more housing, supporting small businesses, and strengthening communities,” HUD Secretary Marcia Fudge said. “This loan guarantee will support projects in Nebraska and California that will transform their economies and communities.”
The funds are provided through the Section 108 Loan Guarantee Program which provides community development block grants funds to communities as a source of low-cost, long-term financing for economic and community development projects primarily benefiting low- and moderate- income persons. These funds can be used for housing, infrastructure, and other physical development projects.
The four cities receiving funding are:
“HUD is proud to partner with cities to boost housing supply, support small business, and enhance neighborhood amenities,” Principal Deputy Assistant Secretary Marion McFadden said. “I applaud these jurisdictions for using every resource at their disposal to deploy innovative strategies to invest in their local community development priorities.”
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