$30M HUD Loan Guarantee Aids Indiana Community Fund Created by kblakeslee on 9/25/2013 3:22:59 PM
INDIANAPOLIS (AP) _ An Indiana program that distributes money to communities to finance housing and development projects has received a $30 million federal loan guarantee.
U.S. Housing and Urban Development announced Wednesday the loan guarantee will capitalize Indiana's Community Enhancement and Economic Development Loan Fund.
HUD says the loan fund will help low- and moderate-income households by providing affordable housing and creating jobs. It says some projects can help prevent or eliminate slum or blight conditions.
HUD says the loan guarantee program enables local governments to borrow money from private investors at reduced interest rates to inspire private contributions, provide seed money, or to simply boost confidence in projects.