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Big Changes Coming to Tommytown in Pasco County after HUD Guarantees $13 Million Loan


	Information by State Print version

[Photo of three smiling people holding a large, display award check]

More than 30 people were there to see Karen Jackson Sims, HUD Tampa Field Office Director, present the check to Commissioner Peter Altman (center), Chairman of the Pasco County Board of County Commissioners, and Mayor Scott Black (right), Mayor of Dade City.

March 23, 2004--On a bright sunny morning, in a ceremony held at the new Redlands Christian Migrant Association Dade City Community Center, Pasco County officials were presented with a $13,000,000 check by HUD's Tampa Field Office Director Karen Jackson Sims. Recently, HUD approved the Section 108 loan guarantee to assist Pasco County in the revitalization of the Tommytown Neighborhood. Primarily composed of low and moderate income individuals and families, Tommytown is an area which has long needed public infrastructure improvements, such as water and sewer, paved streets, drainage and street lighting. Combined with an additional $4,000,000 (SHIP), $2,374,000 (CDBG), and $1,000,000 (HOME), these funds will be used for those improvements.

Pasco County's objective is to bring about a rapid revitalization and thereby improve the living environment for the residents of Tommytown in a relatively short period, as opposed to treating the area over several years.

The Section 108 loan guarantee allows a recipient of HUD Community Development Block Grant (CDBG) funding to fast-track housing and community development projects. This loan is a pledge against future CDBG entitlement amounts. Pasco County has agreed to a 20-year repayment of the $13,000,000 which can come from the current funding year's entitlement amount or from other sources such as CDBG program income, SHIP funds and HOME funds. The County has also pledged, as additional sources of repayment, its program income from economic development, rental rehabilitation and demolition loans which average $120,000 annually. If needed, the County will also make available its Revenue Sharing Funds as a source for repayment.

To learn more about HUD's Section 108 Loan Guarantee Program and how it has helped other communities, read about it on our website.

Content current as of 1 October 2009

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