WASHINGTON – This week, the U.S. Department of Housing and Urban Development (HUD) awarded the City of Raleigh, North Carolina a $14.2 million loan guarantee under Section 108 of the Housing and Community Development Act of 1974, as amended, for the Section 108 Loan Pool project. The City will use the loan proceeds for Section 108 eligible activities that meet the low- and moderate-income and elimination of slum and blight national objectives.
“This investment represents our shared commitment to empowering communities, fostering economic growth, and creating opportunities for the people in Raleigh,” said HUD Agency Head, the Honorable Adrianne Todman. “With these funds, the City of Raleigh will be able to invest in neighborhoods and support local businesses.”
The City’s loan pool approach will assist with targeted equitable investments in economic, housing, and community development activities. The goals of the Section 108 Loan Pool include acquiring land for redevelopment, revitalizing housing stock, development of new public facilities and directly assisting businesses, nonprofits, and real estate development projects that produce a public benefit. The Loan Pool will bridge financing gaps and enable borrowers to proceed with their respective transactions. The Loan Pool will be available to eligible borrowers citywide; however, the City will prioritize investments in projects that are in targeted neighborhood revitalization areas, including downtown neighborhoods and the College Park Neighborhood Revitalization Strategy Area (NRSA)…