A RESOLUTION CONCERNING SECTION 108 LOAN POOL APPLICATION TO ESTABLISH A LOAN POOL FOR HOUSING REHABILITATION, ACQUISITION OF REAL PROPERTY, ECONOMIC DEVELOPMENT AND PUBLIC FACILITIES ACTIVITIES for the purpose of approving an application to the United States Department of Housing and Urban Development (“HUD”) for an up to twenty five million dollars ($25,000,000) loan pool pursuant to Section 108 of the Housing and Community Development Act of 1974, as amended, to help bridge financing gaps and enable borrowers to proceed with their respective transactions; create and retain jobs and expand the existing tax base. In addition, the Section 108 Loan Pool provides a valuable source of financing to support larger scale acquisition, economic and mixed-use development, infrastructure and public facilities and preservation of quality affordable housing.

Committee

County Council

Requested by

County Executive

Introduced

July 29, 2022

On agenda

October 24, 2022

Passed

October 24, 2022

Enacted

September 6, 2022

Enactment no.

10/11/2022 @ 10:00 AM