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HUD SECRETARY AND MAYOR MCCRORY ANNOUNCE $10 MILLION LOAN GUARANTEE TO CHARLOTTE |
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From HUD Press Releases: U.S. Department of Housing and Urban Development Secretary Steve Preston today announced that he is approving a $10 million loan guarantee to the City of Charlotte to purchase 70 acres in the Double Oaks neighborhood. This purchase will complete the site assembly of 98 acres in preparation for the eventual development of 108,000 square feet of retail space and 940 new apartments, condominiums and single-family homes. HUD's loan guarantee will leverage $15 million in other public funding and $95 million in private sector investment to stimulate development of a new mixed-use community including a new grocery store, retail establishments, office space and mixed-income housing. "Today, we take another step forward in a new vision for this neighborhood," said HUD Secretary Steve Preston. "This latest HUD partnership allows Charlotteto implement our ambitious plans to invest in the Double Oaks neighborhood and to continue the revitalization of the Statesville Avenue corridor," stated Charlotte Mayor Pat McCrory upon learning of the loan guarantee from HUD Secretary Preston. HUD's Section 108 Loan Guarantee Assistance Program enables local governments to borrow money from private investors at reduced interest rates to promote economic development, stimulate job growth and improve public facilities. The City of Charlotte requested HUD's loan guarantee to assist the Charlotte Mecklenburg Housing Partnership to purchase the 70 acres, partially occupied Double Oaks Apartment Complex and to assemble this site with an additional 28 acres for mixed use development in the Double Oaks neighborhood. According to the City's plans, the retail development is expected to generate 270 full-time jobs, more than half of which will be made available to low-and moderate-income persons.
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