YOUNGSTOWN, OH – The city of Youngstown received a $4 million loan guarantee Thursday for its Amphitheater and Riverfront Park project. It was approved by the Department of Housing and Urban Development.
HUD’s Section 108 Loan Guarantee Assistance Program enables local governments to borrow money at reduced interest rates to promote economic development, stimulate job growth and improve public facilities.
“HUD’s Loan Guarantee Program can be a powerful public investment tool to drive economic development in under-served areas,” James A. Cunningham, HUD Midwest Deputy Regional Administrator, said. “It will provide a great boost to the City of Youngstown’s ongoing neighborhood revitalization efforts.”
The City of Youngstown will use Section 108 loan guarantee funds to redevelop a 20-acre riverfront site into a public park and amphitheater.