L.A. Transit Agency Is Investing in Affordable Housing
The transit agency is earmarking $9 million for a loan program to encourage affordable housing near its stations, KPCC reports. Doing so could help with ridership (put simply, if there are more people densely clustered along the line, more people are likely to ride the line) but the project is also meant to help counter gentrification and displacement.
PA Announces First Approvals of Loans for the Diverse Business Financing Initiative
The initiative will capitalize local revolving loan funds with funding provided by the Pennsylvania Minority Business Development Authority (PMBDA), the Pennsylvania Economic Development Financing Authority (PEDFA) and the Pennsylvania Community Development Bank (PCD Bank).
Revolving Loan Assists Ambulance Purchase in Sioux City, IA
The Woodbury County EMS Loan Fund Program was established in 1988 as a way for organizations in small county towns to buy ambulances and some pieces of specialty emergency equipment. "At the time, it was believed to be the only one of it's kind in Northwest Iowa," Woodbury County Emergency Services Department Director Gary Brown said.
GAIN Loan Supports Cider Maker Expansion
GAIN is part of a $3 million revolving loan fund with below-market interest rates to assist the agriculture industry in the nine-county Finger Lakes region. The county said the GAIN revolving loan fund was established to support agricultural and related business projects, including food processing and operating farms that result in job creation and job retention as well as farm diversification.
Northland Offers MI Lessons on How to Remake a Shopping Mall
After a number of turns, the city became the property's owner in 2016 for a total acquisition cost of $4.2 million in 2015. It's costing the city another $1.3 million for security, maintenance and the planning for its next iteration. All of the funds were set aside over years in an economic development fund used for revolving low-interest loans.
EPA Loan Supports Lore City, OH Water Treatment Plant
Created in 1989, the Water Pollution Control Loan Fund (WPCLF) provides below market interest rate loans for communities to improve their wastewater treatment systems. This zero interest rate $698,200 loan will save Lore City about $268,000. Lore City's project will also include $4.2 million in additional project grants and loans to create the complete project package.
Salem, IL Tries to Save $1M Loan Fund
The City of Salem is losing control of its more than $1-million balance in its low interest revolving loan fund at the end of the year. The Salem City Council was told at a special meeting they and all cities across the state are being penalized because Illinois officials failed to properly monitor the pass through federal money.
$100K Revolving Loan Supports Brewing Company in Spearfish, SD
"The Spearfish Economic Revolving Fund is intended to participate in conjunction with commercial and public lenders in projects that will expand employment opportunities and/or improve the economic vibrancy of the Spearfish community," said Kory Menken, SEDC executive director.
New Water District Being Formed in Nashville, NC
Survey teams are hitting the streets as part of the design phase for Nash County's new water district. N.C. Division of Water Infrastructure awarded a $3 million grant and comes with a $3 million, zero-percent loan and a $3.5 million loan not to exceed 1.9 percent for a total of $9.5 million.
IN Brownfield RLF Will Support Demolition of Reid Hospital
A 20-year, zero-percent-interest loan of $2.84 million from the Indiana Brownfields Program's Revolving Loan Fund would be used for remediation of asbestos, lead paint and hazardous waste at the former hospital.
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