WASHINGTON, D.C. – The Department of Housing and Urban Development (HUD) recently announced a $30 million guarantee to the city of Cleveland and a $2 million guarantee to Cuyahoga County. The loan guarantees are part of a complex financing deal to complete the Flats East Bank project. Following the announcement, Congresswoman Fudge released the following statement:
“Revitalizing the Flats represents more than good paying jobs. It represents the city’s commitment to keeping downtown and surrounding areas open and vibrant,” said Congresswoman Fudge. “Cleveland is focused on maintaining a great downtown and that’s by design. Mayor Jackson and the City Council should be applauded for attracting industry and foot traffic to the city center.”
The city of Cleveland and Cuyahoga County will receive low-interest loans, known as HUD 108 loans. Cleveland Mayor Frank Jackson worked tirelessly to secure the loans for the revitalization project.