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Indianapolis receives $39M loan guarantee from HUD

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U.S. Housing and Urban Development has approved a $39 million loan guarantee to the city of Indianapolis to establish a Community and Economic Development Loan Pool.

Under the program announced Monday, the city’s Department of Metropolitan Development will be able to originate loans to provide financing for economic development and housing rehabilitation initiatives to benefit people of low and moderate incomes.

The city estimates its Community and Economic Development loans will create the equivalent of 470 new full-time jobs. More than half the jobs created through the loan program will be made available to low- and moderate-income people, HUD said.

HUD’s Section 108 Loan Guarantee Assistance Program enables cities to borrow money from private investors at reduced interest rates to promote economic development, stimulate job growth and improve public facilities.
 

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  • Don't hold your breath
    I am all for creating jobs and simulating economic activity and growth, but I question if that will actually happen with this money. Having lived in Indy for a short time, I will assume this money will be divided out to developers, investors, etc who are pals with the high ranking city officials and the mayor to line someone's pockets. Some development will be made but not nearly to the extent that it should be.

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  1. Once a Marion Co. commuter tax is established, I'm moving my organization out of Indianapolis. Face it, with the advancement in technology, it's getting more cost effective to have people work out of their homes. The clock is running out on the need for much of the office space in Indianapolis. Establishing a commuter tax will only advance the hands of the clock and the residents of Indianapolis will be left to clean up the mess they created on their own, with much less resources.

  2. The 2013 YE financial indicates the City of Indianapolis has over $2 B in assets and net position of $362.7 M. All of these assets have been created and funded by taxpayers. In 2013 they took in $806 M in revenues. Again, all from tax payers. Think about this, Indianapolis takes in $800 M per year and they do not have enough money? The premise that government needs more money for services is false.

  3. As I understand it, the idea is to offer police to live in high risk areas in exchange for a housing benefit/subsidy of some kind. This fact means there is a choice for the officer(s) to take the offer and receive the benefit. In terms of mandating living in a community, it is entirely reasonable for employers to mandate public safety officials live in their community. Again, the public safety official has a choice, to live in the area or to take another job.

  4. The free market will seek its own level. If Employers cannot hire a retain good employees in Marion Co they will leave and set up shop in adjacent county. Marion Co already suffers from businesses leaving I would think this would encourage more of the same.

  5. We gotta stop this Senior crime. Perhaps long jail terms for these old boozers is in order. There are times these days (more rather than less) when this state makes me sick.

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