HUD SECRETARY APPROVES $2 MILLION LOAN GUARANTEE TO RIALTO
Guaranteed loan to help Rialto create new and improved public recreational spaces.
SAN FRANCISCO—U.S. Department of Housing and Urban Development Secretary Shaun Donovan announced that he is approving a $2 million loan guarantee to the City of Rialto for a Community and Economic Development Loan Fundthat will provide assistance to rehabilitate Bud Bender Park. The City will redesign and renovate the existing sports fields, play areas and parking lots; construct new ADA compliant restrooms; install new lighting, a community garden, shade structures, security fencing, landscaping, park signage and walking paths. The project will increase Rialto’s park area for its residents and make use of unused recreational space.
“This is an important community development project for Rialto,” said HUD Regional Administrator Ophelia Basgal. “The City will administer this loan and make public improvements that will benefit Rialto families for many years to come.”
HUD’s Section 108 Loan Guarantee Assistance Program enables local governments to borrow money from private investors at reduced interest rates to promote economic development, stimulate job growth and improve public facilities. Such public investment is often needed to inspire private contributions, to provide seed money, or to simply boost confidence that many private firms and individuals need to invest in distressed areas.
For more information, please contact Michael Story, Rialto City Administrator, at (909) 820-2525.
HUD’s mission is to create strong, sustainable, inclusive communities and quality affordable homes for all. HUD is working to strengthen the housing market to bolster the economy and protect consumers; meet the need for quality affordable rental homes: utilize housing as a platform for improving quality of life; build inclusive and sustainable communities free from discrimination; and transform the way HUD does business. More information about HUD and its programs is available on the Internet at www.hud.govand espanol.hud.gov.You can also follow HUD on twitter @HUDgov, or on facebook at www.facebook.com/HUD, or sign up for news alerts on HUD's Email List.