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Malden council approves $1.5 million Section 108 loan for Malden River Works, including boathouse
Summary
The Malden City Council voted unanimously to authorize a $1.5 million HUD Section 108 loan to help fund phase two of the Malden River Works project, including a permanent boathouse and a salt shed; the loan will be repaid from Community Development Block Grant funds, not the general fund.
The Malden City Council on a unanimous roll call approved an order authorizing the city to borrow $1,500,000 through a U.S. Department of Housing and Urban Development Section 108 loan to support phase two of the Malden River Works project, which the council said includes a permanent boathouse and a salt shed.
Councilor McDonald, chair of the finance committee, told the council the Section 108 loan is repaid from the city’s Community Development Block Grant (CDBG) federal funds rather than the general fund, and described the loan as a “key funding piece” that will not cover full construction costs but would allow staff to apply…
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