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City staff ask council to add HUD loan guarantee as priority to attack blight; plan could finance demolition of ~60 homes
Summary
Housing staff proposed adding HUD Section 108 loan guarantee as a priority to the city’s consolidated plan to finance demolition of around 60 blighted homes; the program could allow borrowing up to about $7.1 million against future CDBG allocations, with estimated interest near 3.88% and a potential 20-year amortization window.
Melissa Cook, director of the Department of Housing and Citizen Services, told the Pueblo City Council on Dec. 22 that staff want to add a substantial amendment to the city’s consolidated plan to allow application to HUD’s Section 108 loan guarantee program to address residential and commercial blight.
Cook said Pueblo receives roughly $1.5 million annually in Community Development Block Grant (CDBG) funds and about $1.0 million in HOME Investment Partnership funding. She described a blight inventory that identified roughly 60 residential homes needing demolition and another ~230 single-family homes that could be rehabilitated. "All that this is doing is…
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