The U.S. Department of Housing and Urban Development (HUD) today announced a $1.7 million loan guarantee for the Library Commons Project in the City of Mount Vernon, Washington.
The loan guarantee, offered through the Section 108 Loan Guarantee Program (Section 108), will be used to finance the development of a new multi-use municipal facility that will serve the residents of the historic downtown area. The development will offer access to a new library, a community center, three floors of parking, infrastructure to accommodate electric vehicles and bicycles, as well as park-and-ride capacity.
“HUD is committed to supporting American communities and addressing real needs,” said Marion McFadden, Principal Deputy Assistant Secretary, Office of Community Planning and Development at HUD. “This loan guarantee will help Mount Vernon execute on their vision for community development and deliver on the needs of their community members, especially those who are underserved.”
Section 108 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.