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2010 Section 108 Guaranteed Loan Program Overview

In the fiscal year 2010, HUD approved thirty five Section 108 Guaranteed Loan commitments in the aggregate amount of $165,880,000. 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, including housing rehabilitation, acquisition and site preparation, demolition, and commercial development. Generally, the financial demands of these activities exceed available local government resources, including HUD funds available through the Community Development Block Grant program. In all cases, however, these development activities are well suited to the affordable, structured financing available through the Section 108 Loan Guarantee program. HUD further assisted local governments through the competitive award of Brownfields Economic Development Initiative (BEDI) funds, which were approved in conjunction with the Section 108 Loan Guarantee financing for development projects that need environmental remediation caused by contamination. For further program details, click here for the Section 108 fact sheet or the Section 108 program home page.

Each of the Section 108 Loan Guarantee commitments are grouped into three categories of assisted project development: Economic Development, Housing, and Public Facilities. The assisted projects are described in the summaries provided below. In each category, there is introductory information followed by individual project financing summaries, which are listed alphabetically by Borrower Communities within states.


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Economic Development Projects

Approximately $120,293,000 in Section 108 Loan Guarantee authority was committed to 23 economic development projects across the country. The size of the commitments ranged from $633,000 to Radford, VA, to assist with a mixed-use economic development project, to $30,000,000 to Los Angeles, CA, to carry out various economic development projects. Six of these projects were further assisted with BEDI grant funds.

Economic Development Projects
 -   California
 -   Connecticut
 -   Florida
 -   Illinois
 -   Massachusetts
 -   Michigan
 -   North Carolina
 -   Oregon
 -   Pennsylvania
 -   Rhode Island
 -   Tennessee
 -   Virginia
 -   Vermont
 -   Washington

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Housing Projects

HUD approved a total of $7,550,000 in Section 108 commitments in the fiscal year 2010 for 3 housing projects in Springfield, OR, Lebanon, PA, and Carolina, PR.

States with Housing Projects
 -   Oregon
 -   Pennsylvania
 -   Puerto Rico


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Public Facilities

HUD approved a total of $38,037,000 in Section 108 Loan Guarantee authority for nine public facilities projects. Guaranteed Loans between $1,000,000 and $15,000,000 were approved for communities to assist in financing a variety of public facility type projects. The project in Las Cruces, NM will also be assisted with BEDI grant funds.

States with Public Facilities Projects
 -   Alabama
 -   California
 -   Connecticut
 -   New Mexico
 -   Oklahoma
 -   Pennsylvania
 -   Virginia