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
Attachments: 1. R2022098, 2. CR-098-2022 Attachment A, 3. CR-098-2022 AIS, 4. CR-098-2022 AIS, 5. CR-098-2022 Report, 6. CR-098-2022 PAFI, 7. CR-098-2022 Transmittal, 8. CR-098-2022 Presentation
Contact: Adedamola George, Community Services Manager, Department of Housing and Community Development

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.

 



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