Department of Housing and Community Development: Hearings for Draft HUD Section 108 Loan Guarantee Application

Public Hearings Announced for Draft HUD Section 108 Loan Guarantee Application for the DC USA Project and subsequent Draft Modification to the FY 2004 Consolidated Plan Action Plan

(Washington, DC) Stanley Jackson, Director, Department of Housing and Community Development, in conjunction with Eric Price, Deputy Mayor for Planning and Economic Development, announces two Public Hearings to receive comments on the District of Columbia Draft HUD Section 108 Loan Guarantee Program Application for the DC USA Project and a subsequent Draft Modification to the Consolidated Plan for the District of Columbia, FY 2004 Action Plan. The District proposes to repay the $56 million loan through new tax revenues that the DC USA project will generate under the establishment of a "Tax Increment Financing - TIF District". As security for repayment, the District will pledged its future federal Community Development Block Grant (CDBG) funds. DC USA is a major retail shopping center proposed for 14th and Irving Sts., NW, with the first DC Target store as its anchor tenant. For more information, see Project Summary, draft Application and Modification to FY04 Action Plan.