The U.S. Department of Housing and Urban Development (HUD) announced a $3,916,000 loan guarantee to Madison County, Illinois for renovations to Gordon Moore Park. The 704-acre public park features various attractions, sports fields, and gardens. This funding will support the construction of public restrooms, locker rooms, concession areas, and a new multi-purpose space in partnership with the City of Alton, Illinois. The project aims to benefit low- and moderate-income persons as a community amenity for local sports programming and is expected to drive 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 as a source of low-cost, long-term financing for economic and community development projects benefiting low- and moderate-income persons. Section 108 can be used for various projects such as housing, infrastructure, and other physical developments.
Earlier this month, HUD launched a Legacy Challenge offering up to $250 million in low-cost capital through the Section 108 Loan Guarantee for transformative housing-forward changes in local communities across America.
This funding can be used for:
- Adaptive reuse including commercial-to-residential conversion
- Preservation and rehabilitation of existing units
- Infrastructure supporting housing production such as utility installation or upgrades
- Manufactured housing including facilities for building new homes
- Eligible housing uses within mixed-use or transit-oriented development projects
- Revolving loan pools supporting local housing development
For communities expressing 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 providing tools for application development. On August 29, 2024, HUD will host a kickoff webinar about the Legacy Challenge. For more information or registration details visit HUD’s website.
