March 1, 2018
HUD APPROVES $2 MILLION LOAN GUARANTEE TO BIRMINGHAM, ALABAMA
BIRMINGHAM, AL - The Department of Housing and Urban Development today announced that it is approving a loan guarantee to City of Birmingham for $2,000,000 to secure financing to remodel Inland Seafood's 55,000 square-foot cold storage facility in Birmingham.
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.
"HUD's Loan Guarantee Program can be a powerful public investment tool to drive economic development in underserved areas," said HUD Southeast Regional Administrator Denise Cleveland-Leggett. "This new facility will provide more than 40 jobs for Birmingham's residents who need them most," said Cleveland-Leggett.
Using this HUD-backed loan, Inland Seafood will consolidate several existing facilities and develop a centralized production center. It will also add a new culinary training facility that will create at least 47 full-time positions in Birmingham's Ensley neighborhood. Ensley is a distressed area that has been designated a Commercial Revitalization Area targeted for redevelopment.
HUD's mission is to create strong, sustainable, inclusive communities and quality affordable homes for all. More information about HUD and its programs is available on the Internet at www.hud.gov and http://espanol.hud.gov. You can also connect with HUD on social media or sign up for news alerts on HUD's Email List.