HUD granted Birmingham, Alabama, $25.2 million through its loan guarantee program for the Community Development Block Grant Program, Section 108. Birmingham will use these funds to create a $25 million Loan Pool, offering affordable financing to businesses, nonprofits, and city departments. This initiative aims to bridge financing gaps, boost job creation, enhance affordable housing, and promote equity. Projects will focus on communities of color and support BIPOC-led developers and organizations. HUD Secretary Marcia L. Fudge emphasized the program’s role in facilitating community development, while Deputy Assistant Secretary Marion McFadden praised Birmingham’s commitment to equitable and community-driven solutions. Section 108 provides low-cost, long-term financing for various development projects benefiting low- and moderate-income individuals.
