2003 Section 108 Project Summary - Alabama

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Housing

Hillsdale Heights Affordable Housing
BORROWER: MOBILE
STATE: AL
COMMITMENT AMOUNT: $1,000,000

The City of Mobile, Alabama has been awarded a $1,000,000 loan guarantee under Section 108 to finance the acquisition of 70 houses in the Hillsdale Heights neighborhood, which will then be rehabilitated for low- and moderate-income homebuyers. The project is one phase of a multi-phase effort to acquire over 760 houses from the University of South Alabama, rehabilitate and sell the units to low- and moderate-income homebuyers. The Guaranteed Loan Funds will be loaned to a limited liability company to be formed by Hillsdale Area Community Development Corporation and the Coalition for a Drug-Free Mobile, two local non-profit organizations, which will acquire and renovate, then temporarily lease and finally sell the houses. The University will assist in renting houses as they are rehabilitated until all the houses in a phase are ready for sale. Guaranteed Loan Funds will be used to carry out an eligible housing rehabilitation activity which will meet the criteria for the national objective of benefiting low- and moderate-income persons through the provision or improvement of housing.