Washington, DC – November 6, 2008 – (RealEstateRama) – Today, Congressman Steve Cohen (TN-09) announced that the City of Memphis received a $220,500 grant from the U.S. Department of Housing and Urban Development (HUD) under the Economic Development Initiative (EDI) program.
The EDI program provides grants to local governments to enhance both the security of loans guaranteed through the Section 108 Loan Program and the feasibility of the economic development and revitalization projects they finance. The Section 108 Loan Guarantee Program is a source of financing allotted for economic development, housing rehabilitation, public facilities rehabilitation and construction for the benefit of low- to moderate-income families and to aid in the prevention of slums.
“The EDI program has been the catalyst in the expanded use of loans through the Section 108 Program, one of the most potent public investment tools that HUD offers to local governments,” said Congressman Cohen. “This year, the 9th District has received more than $20 million from HUD for an assortment of projects aimed at alleviating poverty and increasing the quality of life for people living in low-income areas, and I am grateful for their continued support.”
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Marilyn Dillihay, Press Secretary, 202-225-3265
Charlie Gerber, Communications Assistant, 202-225-3265