HUD has announced a $37 million loan guarantee for the City of Toledo, Ohio, for the Loan Pool Project to spur equitable community development, create jobs, and increase affordable housing. The Loan Pool will be available to prospective borrowers citywide and will provide a ready source of long-term, fixed-rate, and reasonably priced financing that is not available conventionally. The Loan Pool will bridge financing gaps and enable borrowers to proceed with their respective transaction, create and retain jobs, increase affordable housing, advance equity and equitable development opportunities, and expand the existing tax base. Equitable development projects will include projects that support investments in communities and neighborhoods of color or provide financing to black, indigenous, and people of color (BIPOC) led developers, businesses, or organizations.
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