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HUD ANNOUNCES $800,000 LOAN GUARANTEE TO ROCKLAND COUNTY FOR VILLAGE OF NYACK REVITALIZATION

NEW YORK - The revitalization of the Village of Nyack got a big boost today due to a $800,000 loan guarantee to Rockland County announced today by the U.S. Department of Housing and Urban Development.

"We're proud to help Rockland County breathe new life into one of its important villages,” said HUD Regional Director Sean M. Moss. "By invigorating Nyack's downtown, we are not only welcoming back businesses that generate jobs and economic growth, but also welcoming back the very people who are the lifeblood of any community.”

HUD's $800,000 in loan guarantee assistance to Rockland County will help finance construction of a three story mixed-use building in the Village of Nyack, including a 9,000-square foot marketplace that will specialize in quality groceries, produce, and prepared foods. The marketplace will occupy the ground floor, while the developer, Sapounas, Inc., will create affordable housing units for the Village's volunteer fire fighters on the second and third floors. Rockland County will provide HOME Funds plus private funding for developing the residential units. The development of the entire building will cost in excess of $5 million, with the County expecting to create 16 new, full-time jobs for low- and moderate-income individuals.

HUD's Section 108 Loan Guarantee Assistance Program enables local governments to borrow money at reduced interest rates to promote economic development, stimulate job growth and improve public facilities. Such public investment is often needed to inspire private contributions, to provide seed money or to simply boost confidence private firms and individuals may need to invest in distressed areas. For more information about this loan guarantee program, visit www.hud.gov/offices/cpd/communitydevelopment/programs/108/index.cfm.

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