| Illustrative Project Descriptions Economic Development Oklahoma City: Series of Section 108 loan guarantee approvals for commercial and industrial projects, some in conjunction with EDI grants. Work has included setting up loan program, and a leveraged private financing loan program for the area damaged in the federal building bombing. Worcester, MA: Set up $23 Million generic HUD Section 108 guarantee reservation. Applied first $11.7 million to biotech research and manufacturing building in Massachusetts Biotech Research Park for local and non-profit development corporation. HUD Section 108 commitment used, for first time, as backup letter of credit for construction and permanent financing from AFL-CIO Investment Trust, with the backup reduced as the project leased up, permitting reuse be the locality of the 108 commitment. Chicago, IL: Assisted City agencies in developing application for a $38 million Section 108, including funds for Brownfields environmental cleanup in an industrial area, land acquisition, clearance, site preparation, public improvements, neighborhood small business loans, in conjunction with an Economic Development Initiative grant from HUD. Athens-Clark County, GA: Assisted both the local government and the local minority non-profit neighborhood development corporation in the utilization of $2.6 million in Section 108 load guarantees and $160.000 in EDI grant to (a) renovate an initial building in a new technology park and (b) provide upgraded parking and lighting in public facilities and pay for improvement required by local building codes in a minority neighborhood shopping center and guarantee reservation for waterfront development and public facilities in an enterprise community setting. Burlington, VT and Wheeling, WV: Assisted in Section 108 strategies for Brownfields cleanup and future waterfront developments with repayments from developers and tax increment. Boston Seaport Hotel: Prepared $40 million Section 108 application for hotel, with special job strategy for impacted neighborhoods. Illustrative Project Descriptions Housing Development Newport, RI: $1.3 million Section 108 financing used by Boston Capital for low income elderly housing through he renovation of an old school building. Application submitted as a non-entitlement community with the State of Rhode Island under HUD’s community Development Block Grant Small Cities program. Scope included drafting State Section 108 policy and help with LIHTCs. Gary, IN: A Section 108 $7.4 million load guarantee used in part as front-end rehabilitation funds until low-income housing tax credit equity and FNMA takeout financing in place, and second, as a pledge in the form of a letter of credit backup meeting HUD property management requirements permitting the transfer of HUD-held property to the City and then to the developer, a joint venture of a for-profit and non-profit. Los Angeles, CA: Assisted City Housing Department in obtaining and using Section 108 financing for rehabilitation of housing, including earthquake damage to residential units. Work included negotiation with HUD on use of existing loan portfolio for Section 108 note repayment securitization.
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