|HUD No. 14-04
January 15, 2014
HUD APPROVES $4.3 MILLION LOAN GUARANTEE TO POMPANO BEACH, FL
MIAMI, FL - The Department of Housing and Urban Development today announced that it is approving a $4,308,000 loan guarantee to the City of Pompano Beach to provide financial assistance for public infrastructure improvements to six streets in the Old Pompano community area of the City.
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 Loan Guarantee Program can be a powerful public investment tool to drive economic development in underserved areas," said HUD Regional Administrator for the Southeast Ed Jennings, Jr. "The program will be a boost to Pompano's revitalization efforts and provide jobs for Pompano residents who need them most. Pompano's improvement of public infrastructure will support increased commercial activity in the community", said Jennings.
According to the application to HUD, Pompano will use the Section 108 guaranteed loan proceeds to finance fund infrastructure improvements on six streets in Old Pompano for roadway improvements; water, sewer, and reclaimed water utility improvements; signing and pavement markings; new landscaping and irrigation; and new lighting. One of the locations will have the number of traffic lanes reduced, and two of the streets will have chronic drainage problems repaired. The improvements are part of the City's Dixie East Transit Oriented Development Plan.
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.gov and http://espanol.hud.gov. You can also follow HUD on twitter @HUDGov, on facebook at www.facebook.com/HUD, or sign up for news alerts on HUD's Email List.