HUD APPROVES $1.8 MILLION LOAN GUARANTEE TO DANBURY
BOSTON – The U.S. Department of Housing and Urban Development today announced that it is approving a $1.8 million loan guarantee to the City of Danbury, Conn. for public infrastructure upgrades such as road and sidewalk repair, handicap sidewalk ramps, drainage upgrades, street lighting and landscaping improvements. The project is a key component of the City’s larger effort to transform its downtown area into a healthier, more walkable environment.
“This loan guarantee is one of the most successful investment tools that HUD offers to local governments," said Barbara Fields, HUD New England Regional Administrator. "HUD is committed to strengthening communities and this funding will have a tremendous impact on making Danbury’s downtown area a healthier, more walkable environment."
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 private firms and individuals may need to invest in distressed areas.
HUD’s mission is to create strong, sustainable, inclusive communities and quality affordable homes for all. More information about HUD and its programs is available on the Internet at www.hud.gov and espanol.hud.gov.You can also follow HUD on twitter @HUDnews or on facebook at www.facebook.com/HUD.