|HUD No. 12-20
April 30, 2012
HUD APPROVES $4.1 MILLION LOAN GUARANTEE TO BABYLON
Geiger Memorial Park redevelopment will provide needed recreational facilities to the residents of Wyandanch
NEW YORK - U.S. Department of Housing and Urban Development Secretary Shaun Donovan today announced the approval of a $4.1 million loan guarantee to the Town of Babylon for the construction of Geiger Memorial Park that will provide needed recreational opportunities, such as a playground, basketball courts, gardens, and other amenities for the underserved residents of Wyandanch.
The proposed redevelopment of Geiger Memorial Park will complement a larger proposed mixed-use, mixed-income, transit-oriented redevelopment of Wyandanch. Upon completion, there will be more than 800 units of housing, 120,000 square feet of commercial space, a new public plaza, and a variety of new community facilities.
The Town of Babylon is the sole recipient of the $4,100,000 Section 108 Loan Guarantee. The plan will turn the underutilized, dilapidated 50-acre area at Geiger Memorial Park into recreational facilities that will offer local residents a playground, basketball courts, a variety of themed gardens, a conservatory, pathways and roadways, parking areas, a carousel, concession stands, fencing, and comfort stations.
"The redevelopment of Geiger Memorial Park will transform 50 acres of underutilized, dilapidated facilities into a safe, recreational area that children and families will be able to enjoy for generations," said Deputy Regional Administrator Mirza Orriols. "This project will also create jobs, bringing economic opportunities to residents of the surrounding area. I look forward to the completion more than 800 hundred housing units, where families will have easy access to public transportation and jobs."
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.
The use of Section 108 guaranteed loan funds for construction activities in Geiger Memorial Park will meet the Community Development Block Grant (CDBG) national objective of benefitting the two-thirds of the low- and moderate-income residents in the area.
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