This program provides loan guarantees up to $5 million to non-entitlement local governments for unique, large-scale economic development projects that create significant employment or benefit low and moderate income persons. Projects must comply with all CDBG requirements and generate sufficient revenue to service debt. Final federal guarantee approval is made by HUD, with the State pledging future CDBG funds as repayment source.
Eligible applicants are non-entitlement local governments with economic development projects that meet CDBG requirements and provide significant employment or benefits to low and moderate income persons.
