Section 108 Loan Guarantee Funds
Section 108 Project - Arts Plaza Children's Fountain
This project, part of the 2012 Council Work Plan, explores the possibility of using Section 108 funds to design and construct a Children's Fountain at the Arts Plaza to strengthen the economic environment and attract visitors and new private investment to Downtown.
The purpose of the Arts Plaza is to:
- Enhance the area's economic and social vitality
- Nurture and expand artistic, cultural and educational activities for the Gresham community
- Bring a recreational and cultural destination to the downtown core
What is Section 108?
The U.S. Department of Housing and Urban Development (HUD) has annually allocated Community Development Block Grant (CDBG) funds and HOME funds to assist the City in meeting its goals and strategies. Additional resources are available through loan repayments, program income and carry-over funds.
The City Council adopted an amendment to the Five Year Consolidated Plan to utilize Section 108 Guaranteed Loan funds on April 3, 2012.
Section 108 funds would be used to accomplish multiple City goals through allocation among three fund distribution categories:
- Public facilities and infrastructure
- Eligible housing rehabilitation
- Special economic development activities
How will Section 108 Benefit Gresham?
The projects funded with the Section 108 Guaranteed Loan Pool will support one or more of the following objectives in the City's Consolidated Plan:
- Promote investment in low-income neighborhoods
- Leverage additional revenue to stimulate private development
- Achieve multiple affordable housing or CDBG Guiding Principles
- Help revitalize the Rockwood Town Center Area and the Rockwood Neighborhood
- Help to promote the redevelopment of Downtown Gresham
Public Review Documents
For more information about this project contact Rebecca Brooks at Rebecca.Brooks@GreshamOregon.gov.