HUD MIDWEST REGIONAL ADMINISTRATOR ANNOUNCES $1 MILLION LOAN GUARANTEE TO MIDDLETOWN, OHIO
Educational institution to provide job training, increase retail sales and create 34 jobs
MIDDLETOWN - U.S. Housing and Urban Development Midwest Regional Administrator Antonio R. Riley announced today that HUD is approving a $1 million loan guarantee to the City of Middletown, Ohio to help finance the downtown collaborative revitalization initiative.
The first stage of this initiative is the purchase of vacant buildings to be developed by a for- profit affiliate of Higher Education Partners, limited liability company and leased to Cincinnati State Technical and Community College (CSTCC), which will reuse vacant buildings, provide job related training and increase the number of students downtown to support local businesses.
"A community college renting space in these redevelopment structures downtown will put vacant buildings to very good use. It will also increase retail business and provide job training for residents while creating approximately 34 jobs -- truly a win-win situation for Middletown," said Riley.
Several employers in the Middletown area have committed to sending employees to CSTCC for job related training. Additionally, Cincinnati State Middletown's Work Force Development Center has partnered with over thirty local corporations to both train current employees and provide future job opportunities for new CSTCC graduates.
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. It allows them to transform a small portion of their CDBG funds into federally guaranteed loans large enough to pursue physical and economic revitalization projects that can renew entire neighborhoods.
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 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 News Listserv.