- Urban Renewal Agency (URA)
- Section 108 Loan
Section 108 Loan
Mount Vernon, NY
Notice of Public Hearing and Public Comment Period for the City’s Pre-Application for
Section 108 Loan Guarantee Program
The City of Mount Vernon, NY receives Community Development Block Grant (CDBG) funds from the U.S. Department of Housing and Community Development HUD). The City is eligible to apply for a loan that is guaranteed by HUD in an amount of $7.9 million (up to the equivalent of 5 years of its anticipated CDBG allocations).
The Section 108 Loan Guarantee Program (Section 108) provides Community Development Block Grant (CDBG) recipients with the ability to leverage their annual grant allocation to access low-cost, flexible financing for economic development, housing, public facility, and infrastructure projects. Communities can use Section 108 guaranteed loans to either finance specific projects or to launch loan funds to finance multiple projects over several years.
The funds must be used for projects that are CDBG-eligible and to allow the City to complete expensive infrastructure and facility projects.
Currently, the proposed activities to be carried out in part or entirety with Section 108 Loan funds include the renovation, restoration, and or expansion of Fire Station 1, 2, 3, and 4, the Armory, John Stevens House, and the Dole Center.
The City invites all interested persons to a Public Hearing to provide input and discuss the Section 108 Program as a way to finance costly infrastructure and facility projects. The public hearing is part of the required 30-day public comment period for the pre-application process.
Copies of the draft pre-application document will be available at the hearing, at the City Clerk’s reception desk and at the public library for review. An electronic copy may be emailed upon request.
The staff will make every effort to accommodate those with limited English proficiency and visual impairment who wish to review the document.
Public Comment Period
The public comment period will be held from February 26, 2023 to March 31, 2023. Written Comments can be sent via email to Sylvia Bolivar at Sbolivar@cmvny.com.
Or mailed to: Sylvia Bolivar, Executive Director, Mount Vernon Urban Renewal Agency, 1 Roosevelt Square, Mount Vernon, NY 10550
The public hearing will be held Tuesday, March 28, 2023 at 6:00pm at City Hall, City Council Chambers Room, 1 Roosevelt Square, Mount Vernon, NY 10550.
All public comments made in person during the public hearing or submitted in writing will be taken into consideration prior to sending the Section 108 application to the U.S. Department of Housing and Urban Development.