The U.S. Department of Housing and Urban Development (HUD) awarded a loan guarantee to Cleveland to finance the construction of affordable housing in the downtown area. The $15 million, offered though the Section 108 Loan Guarantee program, will be used to rehabilitate the historic Huntington building on the corner of East 9th and Euclid Ave.

“Prioritizing affordable housing units with historic preservation isn’t just good for our economy,” Marion McFadden, principal deputy assistant secretary for HUD’s Office of Community Planning and Development, said in a release. “It gives families a new opportunity to strive for more, once they have rent they can afford.

“With HUD’s loan guarantee, Cleveland will revive a gorgeous historic building in the heart of its downtown that has sat vacant for the past decade,” she added. “The property will turn into a hub for retail, commerce, and affordable housing.”

The property to be revitalized is currently 99 percent vacant. Once the project is completed, the building will provide affordable housing (at least 51 percent of the units will be occupied by low- and moderate- income households), commercial and retail space, and a museum.

“Section 108 Loan Guarantees allow communities to invest in critical infrastructure, including housing,” HUD Secretary Marcia Fudge said. “I am pleased that Cleveland will be able to use this funding to transform this historic space and bring much needed affordable housing and community amenities to the area.”