Prince George's County Council - Reference No. CR-098-2022

• Reference No.: CR-098-2022
• Draft No.: 1
• Type: Resolution
• Status: Adopted
• Meeting Body: County Council
• Meeting Date: 10/24/2022
• Introduced Date: 9/6/2022
• Public Hearing Date: 10/11/2022 @ 10:00 AM
• Effective date: 10/24/2022
• Title: A RESOLUTION CONCERNING SECTION 108 LOAN POOL APPLICATION TO ESTABLISH A LOAN POOL FOR HOUSING REHABILITATION, ACQUISITION OF REAL PROPERTY, ECONOMIC DEVELOPMENT AND PUBLIC FACILITIES ACTIVITIES for the purpose of approving an application to the United States Department of Housing and Urban Development (“HUD”) for an up to twenty five million dollars ($25,000,000) loan pool pursuant to Section 108 of the Housing and Community Development Act of 1974, as amended, to help bridge financing gaps and enable borrowers to proceed with their respective transactions; create and retain jobs and expand the existing tax base. In addition, the Section 108 Loan Pool provides a valuable source of financing to support larger scale acquisition, economic and mixed-use development, infrastructure and public facilities and preservation of quality affordable housing.
• Proposers/Sponsors: County Executive, Calvin S. Hawkins, Sydney J. Harrison, Dannielle M. Glaros, Johnathan M. Medlock, Mel Franklin
• Contact: Adedamola George, Community Services Manager, Department of Housing and Community Development

Date	Ver.	Action By	Action	Result
10/24/2022	1	County Council	adopted	Pass
10/12/2022	1	Planning, Housing and Economic Development Committee	Favorably recommended	Pass
10/11/2022	1	County Council	public hearing held
9/6/2022	1	County Council	introduced and referred

Title

A RESOLUTION CONCERNING SECTION 108 LOAN POOL APPLICATION TO ESTABLISH A LOAN POOL FOR HOUSING REHABILITATION, ACQUISITION OF REAL PROPERTY, ECONOMIC DEVELOPMENT AND PUBLIC FACILITIES ACTIVITIES for the purpose of approving an application to the United States Department of Housing and Urban Development (“HUD”) for an up to twenty five million dollars ($25,000,000) loan pool pursuant to Section 108 of the Housing and Community Development Act of 1974, as amended, to help bridge financing gaps and enable borrowers to proceed with their respective transactions; create and retain jobs and expand the existing tax base. In addition, the Section 108 Loan Pool provides a valuable source of financing to support larger scale acquisition, economic and mixed-use development, infrastructure and public facilities and preservation of quality affordable housing.

Background

This Resolution will approve an application from Prince George’s County to the United States Department of Housing and Urban Development (“HUD”) pursuant to Section 108 of the Housing and Community Development Act of 1974, as amended.

The Section 108 Loan Pool will be available to prospective borrowers county-wide and provides a ready source of long-term, fixed rate and reasonable priced financing that is not available conventionally. 

Additionally, the Section 108 Loan Pool will provide a valuable source of financing to support larger scale acquisition, economic and mixed-use development, infrastructure and public facilities and preservation of quality affordable housing. 

This Resolution requires at least one (1) public hearing on the proposed Section 108 Loan Pool Application.