LAREDO, TX – The City of Laredo, Texas announced that the U.S. Department of Housing and Urban Development approved a $4.1 million loan guarantee, offered through Section 108, which will be used to finance the Hotel del Sur Affordable Housing Rehabilitation Project.
The City Council reported that this new project will renovate an existing historic building in the heart of downtown, located at 1210 Matamoros Street, into affordable rental housing units for low- and moderate-income families.
Local officials indicated that the City intends to add a total of 22 housing units, 13 of which are intended for low-income families and 9 more market-rate units.
The building to be redeveloped will be fully residential and will include amenities such as laundry facilities, a gymnasium and community room. The project not only seeks to be beneficial to the residents, but also to bring attractiveness to the downtown area.
Under Section 108, long-term, low-cost financing is provided to states and communities for community and economic development projects that primarily benefit low- and moderate-income persons.
This section can be used for a variety of projects, including housing, infrastructure and other physical development projects. The flexibility of the program makes it an attractive and effective tool for states and local governments receiving funding under the Community Development Block Grant program, the City Council detailed.
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