91视频

The city of Gresham has received two sizable loans from the federal government that could help spur development in the community.

Housing and Urban Development, through its Section 108 Loan Guarantee Assistance program, has approved two loans to the city totaling $2.96 million. The program allows local jurisdictions to borrow money from private investors at reduced interest rates, in exchange for a pledge to issue community development block grants in the future.

The first loan is for $1.5 million and will go toward the continued development of Gresham’s Center for the Arts Plaza. The second loan is for $1.46 million and will be used to create a money pool to help finance commercial and affordable housing development throughout the city, especially the Rockwood/West Gresham and downtown areas.

鈥淲e are really focused on providing core services 鈥� police, fire, parks 鈥� and for us to be able to find additional resources to help boost economic development and growth in our community, to find resources to help with housing, and to help bring those cultural amenities we know our residents want, is helpful for a city in our financial situation,鈥� said Laura Shepard, communications director for the city.

As with many jurisdictions, Shepard said the Gresham area has been facing tight times in terms of its spending budget; it has cut back most expenditures to essential services. Additionally, it recently instituted a temporary, 17-month fee of $7.50 to help pay for police, fire and park services; the fee is included on residents’ water, stormwater and wastewater bills.

Gresham’s city council also approved a similar fee that charges businesses with more than 50 employees a surcharge of $2 per employee.

Shepard said it is too early to know exactly how the HUD money will be allocated and that a public process would be the first step to identifying projects. Hopefully, she said, having some extra money to work with will motivate investors.

鈥淭hat’s the hope,鈥� she said. 鈥淲e’re trying to spur more development and more investment in Gresham.鈥�