August 9, 2022

HUD: Nearly $3 Million in Loan Guarantee Announced for Bablyon, NY to Create a Multi-Purpose Greenhouse Public Facility

The U.S. Department of Housing and Urban Development (HUD) today awarded the Town of Babylon in the State of New York a $2,963,000 loan guarantee for the Geiger Park Botanical Garden project.

The Geiger Park Botanical Garden project is part of the town’s long-term, multi-phased plan to renovate an existing park known as Geiger Memorial Park. This project consists of the construction of two greenhouses connected by a building at Geiger Memorial Park, a 23.4-acre public park found at W 23rd Street, in the Hamlet of Wyandanch. The next phase of the Geiger Memorial Park project includes the construction of a large main house along with two greenhouses, making the entire facility close to 5,400 sq ft. In addition, the town will use the funds to build a new parking area and create the main entrance for the Botanical Garden along Long Island Avenue. The greenhouses will be the main hub for growing plant material to be used throughout Babylon, in addition to a practical educational facility for tours and programs. As a public facility, there will be no fees to enter the facility.

“Every person deserves to live in a strong, sustainable, and inclusive community,” said Marion McFadden, Principal Deputy Assistant Secretary for HUD’s Office of Community Planning and Development. “HUD’s Section 108 loan guarantees will strengthen community engagement, provide educational experiences, and create environmentally friendly spaces for all to enjoy.”

The loan guarantee assistance was awarded through the Section 108 Loan Guarantee Program (Section 108), which provides Community Development Block Grant (CDBG) program recipients with the ability to leverage their annual grant allocations to access low-cost, flexible financing for economic development, housing, public facility, and infrastructure projects.

This project will primarily benefit people with low and moderate incomes.

Section 108 allows local governments to borrow up to five times their current CDBG awards to pursue physical and economic revitalization projects capable of redeveloping entire neighborhoods. Public investment, such as Section 108 loans, can spur private economic activity, providing the resources or the confidence that private firms and individuals may need to invest in distressed areas. Read more about HUD’s Section 108 Loan Guarantee Program.

This post was originally published here.