HUD APPROVES $3 MILlION LOAN GUARANTEE TO DOWNEY, CALIF.
LOS ANGELES –The Department of Housing and Urban Development today announced that it is approving a $3 million Section 108 Loan Guarantee to the City of Downey to construct the Inspiration Neighborhood Center, a multi-purpose community building.
The new building will serve as a community center for residents from the surrounding neighborhoods, including many low- and moderate-income residents, and will contain meeting and activity space. The 18,500-square-foot center will be designed to accommodate uses that include meeting space, smaller group space, and private cubicle spaces for public services such as tutoring, counseling, and low-income healthcare services. The center’s name derives from the name of a wooden, full-scale model of a space shuttle donated by NASA to the City of Downey that the neighborhood center will house.
“HUD’s Loan Guarantee Program can be a powerful public investment tool to drive economic development in underserved areas,” said HUD Regional Administrator Ophelia Basgal. “The program will be a boost to the City’s revitalization efforts and provide jobs for residents who need them most.”
HUD’s Section 108 Loan Guarantee Assistance Program enables local governments to borrow money 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 private firms and individuals may need to invest in distressed areas.
For more information, please contact the Office of the Mayor, City of Downey, at (562) 904-7274.
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 @HUDgovor on facebook at www.facebook.com/HUD.