Section 108 Loan Project Profiles

Read about the project profiles which highlight case studies in the successful implementation of Section 108 projects.


Featured Projects

Georgia Farrow Recreation Center Expansion

Location: Irving, TX

Case Study Type: Mixed-Use Development

The City of Irving utilized $3,359,000 in Section 108 guaranteed loan proceeds to finance the expansion of the Georgia Farrow Recreation Center in its Bear Creek neighborhood. The expansion adds 11,128 square feet of new construction, which includes a second gymnasium with locker rooms, an additional storage room, a game room, and an expanded fitness center.

Date Published: November 2021

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Mount Vernon Flood Protection and Revitalization

Location: Mount Vernon, WA

Case Study Type: Flood Control, Economic Development

The Mount Vernon Downtown Flood Protection Wall is the city's $12.9 million public improvement project, which includes a FEMA certified 100-year flood protection wall. The project also features a river promenade, trail system, and public riverfront park.

Date Published: November 2021

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Hotel Melby

Hotel Melby

Location: Melbourne, FL

Case Study Type: Hotel Development

As a part of the Strawbridge Hotel Project, Hotel Melby opened its doors in April 2021 in the central business district of Melbourne. The 11-story building includes a three-level parking garage, a 4,600 square foot conference and event center, and a 4,900 square foot indoor/outdoor rooftop lounge. The hotel has 156-rooms and was built on a 0.57-acre lot which was owned by the City then transferred to the developer in order to complete the project.

Date Published: November 2021

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Aurora Arts Center

Aurora Arts Center

Location: Aurora, IL

Case Study Type: Mixed-Use Development

The Aurora Arts Center is a mixed-use development that provides high quality art education and affordable artist loft residences, expands access to and the delivery of performing arts, and generates significant job opportunities within the revitalizing downtown. The Community Builders, a national nonprofit real estate developer, partnered with the City of Aurora and Paramount Theatre to create this 80,000 square foot development housed within two National Register historic buildings.

Date Published: November 2021

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Gateway at Willowbrook

Gateway at Willowbrook

Location: Los Angeles, CA

Case Study Type: Commercial Redevelopment

The Gateway at Willowbrook is a five-story, mixed-used development that includes a branch of the LA County Library and 105 units of affordable housing for seniors. The development is one of several new community assets, including a rehabilitated transit station and a new medical campus intended to help revitalize the Willowbrook neighborhood. The unincorporated area, located adjacent to South Los Angeles, is predominantly Latino and African-American, with significant economic and social barriers to opportunity.

Date Published: November 2021

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Bakers Centre Retail

Bakers Centre Retail

Location: Philadelphia, PA

Case Study Type: Commercial Redevelopment

After Tasty Baking Company relocated its operations to the Navy Yard in South Philadelphia in 2010, its former vacant site presented a prime redevelopment opportunity. The City of Philadelphia considered the redevelopment of this site to be major component of its overall economic development strategy. Metro purchased the parcel to develop a shopping center which includes a grocery store, pharmacy building, in-line retail, three junior box retail stores, two restaurant pad sites, and a drive-through bank pad site.

Date Published: May 2020

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84 Lumber

84 Lumber

Location: Eighty Four, PA

Case Study Type: Large Enterprise Business

Pennsylvania and Fayette County provided $15 million in Section 108 guaranteed loan funds to 84 Lumber, a large building materials and services supplier with locations spanning the United States. Coupled with an additional $5 million Section 108 guaranteed loan from Washington County, the loan proceeds helped 84 Lumber pay off high-cost debt that was crippling the company's ability to recover from the recession.

Date Published: May 2020

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Crosstown Concourse

Crosstown Concourse

Location: Memphis, TN

Case Study Type: Mixed-Use Development

The Crosstown Concourse project transformed a former Sears distribution center into a multi-use facility providing employment, medical services, education, and housing. The redevelopment of this 10-story warehouse building and associated structure as a mixed-use development created an economic anchor in the City's Midtown neighborhood.

Date Published: May 2020

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Sawyer and Co.

Sawyer and Co.

Location: Austin, TX

Case Study Type: Small Business

The City of Austin leveraged $519,000 in Section 108 loan funds from its Family Business Loan Program (FBLP) in 2014 to fill a financing gap in the redevelopment of an iconic East Austin eatery. Use of the Section 108 loan funds enabled Eastern Diner, LLC to purchase and redevelop the unoccupied building into Sawyer and Co., a vibrant, modern Cajun-style restaurant.

Date Published: May 2020

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Farragut Hotel

Farragut Hotel

Location: Knoxville, TN

Case Study Type: Hotel Redevelopment

The City of Knoxville used $2.9 million in Section 108 loan funds to help fund the redevelopment of the historic Farragut Hotel building in downtown Knoxville. The City considered the redevelopment of the Farragut Hotel to be the final puzzle piece in a revitalized downtown on the rise.

Date Published: May 2020

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Green City Growers Greenhouse Cooperative

Green City Growers Greenhouse Cooperative

Location: Cleveland, OH

Case Study Type: Economic Development

The City of Cleveland, Ohio lent $8 million of Section 108 Loan Guaranteed financing to remediate and redevelop 10.68 acres of an industrial and residential site into an employee-owned cooperative greenhouse that create 42 full-time jobs. The greenhouse produces 2 million pounds of healthy, leafy greens and 200,000 pounds of fresh herbs each year for Cleveland residents.

Date Published: May 2020

Packing House

Packing House

Location: Anaheim, CA

Case Study Type: Economic Development

Anaheim, California used $7 million of HUD Section 108 Guaranteed Loan funds to finance the restoration of a historic orange packing facility, originally built in 1919. The dilapidated building was rehabilitated into a food market with local vendors that has catalyzed economic development in Anaheim’s downtown.

Date Published: May 2020

 

Addington Ridge

Addington Ridge

Location: High Point, NC

Case Study Type: Neighborhood Revitalization

With $694,000 in Section 108 Loan Guarantee financing, High Point, North Carolina acquired and improved a site in the neighborhood of Deep River that it then sold to a developer to construct an 58-unit, affordable housing development.

Date Published: May 2020

Practice Yoga

Practice Yoga

Location: Austin, TX

Case Study Type: Economic Development

After a devastating fire claimed the Practice Yoga studio, Austin, Texas made a low-interest loan under its Family Business Loan Program with $150,000 in Section 108 guaranteed funds for the business to renovate its space and create 12 new, full-time jobs.

Date Published: May 2020


Section 108 Loan Project Summaries

HUD has created a series of past project summaries that illustrate how grantees have used Section 108 to make viable and beneficial changes in their communities.

Note that the project types vary widely. Some projects have just one entity, the local government borrower, borrowing funds for a specific project. Others have complex partnerships between the borrower, community redevelopment agencies, multiple lenders, and developers. It is a good idea, if contemplating a project using Section 108 funds, to research other similar projects and gain insight into the need for additional forms of support, readiness to proceed, and public support.

View descriptions of Section 108 projects for the years 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007