Congressman Fattah Announces $20 Million Grant for Economic Development

WASHINGTON, April 3, 2012 /PRNewswire-USNewswire/ -- Congressman Chaka Fattah (D-PA) member of the House Appropriations Committee, announced today that the City of Philadelphia will receive a $20,000,000 award by the United States Department of Housing and Urban Development under its Section 108 loan guarantee program.

The award is given to assist with economic development activities that will provide job opportunities for low and moderate income families in neighborhoods throughout the city.

"These funds will help to transform the lives of many of Philadelphia's neediest citizens," Fattah said. "While the economy is showing signs of improvement, there are still a lot of people looking for work. This award will help in providing new job opportunities."

Two Brownfields Economic Development Initiative assisted projects - Bakers Centre and Edison Square - are targeted to receive $4.75 million, almost a quarter of the grant. Fattah said, "The grant will advance redevelopment in distressed neighborhoods in Philadelphia reversing years of neglect. The funds will transform unsightly neighborhoods into areas that will attract new businesses and new communities."

The other $15.25 million will be placed in a loan pool to fund future economic development activities in Philadelphia.

SOURCE Office of Congressman Chaka Fattah

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