HUD Grants $24 Million for Community Development Pool in North St. Louis
The U.S. Department of Housing and Urban Development announced "the allocation of more than $26 million from the Community Development Block Grant (CDBG) Program for St. Louis County, Missouri," according to a release from the county of St. Louis. Making up the bulk of that total, "St. Louis County received $24 million under the Section 108 Loan Guarantee Program to establish a loan pool for community development projects." In addition to the $24 million, HUD granted $2.4 million in Declared Disaster Recovery Funds for areas damaged by tornadoes and severe storms in 2013.
Local news station KVHS reports more detail about how the money will be spent: "St. Louis County Executive Steve Stenger says much of the money is expected to go to north St. Louis County, including Ferguson, where economic disparity became a focal point during unrest that followed the fatal shooting of Michael Brown by a police officer last year."
The Section 108 Loan Guarantee Program can found projects ranging from "transit-oriented development; mixed-use commercial, retail and multi-family rental development; business development loans; and public infrastructure and facilities, including collaborative projects that cross municipal borders," according to the press release.