HUD APPROVES $5,250,000 LOAN GUARANTEE TO DEVELOP A COMMERCIAL PLAZA IN THE WHITE CENTER NEIGHBORHOOD OF KING COUNTY
KING COUNTY, WA — The Department of Housing and Urban Development today announced that it is approving a $5,250,000 loan guarantee to King County, Washington to assist with the development of a multi-tenant commercial plaza on a vacant site in the White Center neighborhood. The project includes the construction of two structures consisting of a total of 41,800 square foot with surface and underground parking. Major tenants will include a grocery store specializing in Asian foods and a shop featuring Vietnamese noodles.
John Meyers, HUD Regional Director said: “I am pleased that HUD can help bring new economic vitality to this community and that King County is willing to pledge its resources to this effort.”
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 that private firms and individuals may need to invest in distressed areas.
According to the County’s application to HUD, the Section 108 funds will be combined with New Markets Tax Credits equity and owner equity for total project costs of nearly $9.5 million. The proceeds will be used for land acquisition, construction and tenant improvement costs. In addition to the grocery and noodle shop, the complex will contain retail and office space. The project will benefit an area of the county where more than 11,600 low to moderate-income persons reside.
HUD is the nation’s housing agency committed to increasing homeownership, particularly among minorities; creating affordable housing opportunities for low-income Americans; and supporting the homeless, elderly, people with disabilities and people living with AIDS. The Department also promotes economic and community development and enforces the nation's fair housing laws. More information about HUD and its programs is available on the Internet at www.hud.gov and espanol.hud.gov.