WASHINGTON – RealEstateRama – The U.S. Department of Housing and Urban Development (HUD) today announced a $3,916,000 loan guarantee to the County of Madison, Illinois for renovations to the Gordon Moore Park, a 704-acre public park with a wide variety of attractions, sports fields, and gardens. Through this new funding, the County, in partnership with the City of Alton, Illinois, will facilitate the construction of public restrooms, locker rooms, concession areas, and a new multi-purpose space. The Gordon Moore Improvement Project will prioritize updates that benefit low- and moderate- income persons as a community amenity for local sports programming, and is expected to deliver as a key driver of local economic growth.
“In addition to housing, HUD prioritizes strong community development,” said Acting Secretary Adrianne Todman. “Communities thrive when investments focus on the needs of the people who live there and support an inclusive economy.”
“I am thrilled about the launch of our new Legacy Challenge, which enables you to multiply your CDBG funds by up to five times in flexible, low-interest financing,” said Principal Deputy Assistant Secretary Marion McFadden for Community Planning and Development. “I cannot wait to see how you use this low-cost funding to ensure that all communities have access to safe, affordable housing.”
Section 108 of the Housing and Community Development Act of 1974 provides Community Development Block Grant (CDBG) funds to communities as a source of low-cost, long-term financing for economic and community development projects that primarily benefit low- and moderate-income persons. Section 108 can be used for a variety of projects, such as housing, infrastructure, and other physical development projects. The flexibility of the program makes it an attractive and effective tool for state and local governments.
Earlier this month, HUD launched a Legacy Challenge, where up to $250 million in low-cost capital will be made available through the Section 108 Loan Guarantee to make transformative housing-forward changes in local communities across America.
This funding can be used to make transformative changes in local communities through:
- Adaptive reuse, including commercial-to-residential conversion
- Preservation and rehabilitation of existing units
- Infrastructure to support housing production such as utility installation or upgrades
- Manufactured housing, including facilities to build new homes
- Eligible housing uses within mixed-use or transient oriented development projects
- Revolving loan pools to support local housing development
For communities that express interest by November 1, 2024, HUD will offer additional repayment flexibilities and waivers to streamline program requirements. HUD will invite applicants to participate in a technical assistance cohort and provide tools to support application development. On August 29, 2024, HUD will host a kickoff webinar to share more about the Legacy Challenge. To learn more and register for the webinar, please visit HUD’s website.
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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 at www.hud.gov and https://espanol.hud.gov.
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