2002 Section 108 Project Summary - Texas

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Economic Development

BUSINESS LOAN PROGRAM WILL TARGET BLIGHTED EAST AUSTIN DISTRICTS
Austin TX Neighborhood Commercial Loan Program $2,000,000

The City of Austin will utilize Section 108 to expand its successful Neighborhood Commercial Management Loan Program is a revolving loan program made available to small businesses located within East Austin's blighted and depressed commercial districts. The City will make below-market rate loans to small businesses to promote job creation/retention. Eligible uses of these funds will include acquisition of land and improvements, rehabilitation, new construction, leasehold improvements, and equipment purchase. The program will leverage an additional $3,675,000 in public and private investment and is expected to create 100 full-time jobs.

FAÇADE IMPROVEMENT PROGRAM TO SPUR DOWNTOWN BUSINESS GROWTH
Conroe TX Commercial Facades Improvement Program $1,850,000

The City of Conroe will revitalize its downtown by utilizing $1,850,000 in Section 108 loan funds to finance the Facade Improvement Program. The City will provide deferred, forgivable loans to downtown property owners as an incentive to make specific facade improvements to privately owned buildings located in a nine-square block targeted redevelopment area.

Public Facilities

CITY TO MITIGATE HOMELESSNESS WITH HELP OF HUD SECTION 108 LOAN
Austin TX Downtown Homeless Shelter/Health Clinic $6,030,000

The City of Austin will address the needs of its homeless population with an award of $6,030,000 in Section 108 loan guarantee assistance to finance construction of a homeless complex that will serve both families and individuals. Located in the downtown area, the construction of the $8,000,000, 100-bed homeless shelter, resource center, and health clinic, will increase the Austin/Travis County shelter-bed capacity by 20 percent.

Housing

RESIDENTIAL REHABILITATION TO INCLUDE ENERGY CONSERVATION, SAFETY IMPROVEMENTS
Lubbock TX Lubbock Housing Rehabilitation Project $2,000,000

Section 108 enhanced the City of Lubbock's current housing initiative by awarding $2,000,000 in loan guarantee assistance that will finance the Housing Rehabilitation Program. The program will provide funding to improve substandard housing conditions for low- and moderate-income families on a citywide basis. The City's Community Development Department will make rehabilitation loans to owner-occupied, low- and moderate-income households. The program will result in the rehabilitation of approximately 80 homes. The components and activities to be carried out with Section 108 loan funds include: interior and exterior repairs to conserve energy and meet housing code standards; handicap accessibility and other safety improvements; and remediation of lead-based paint.