Section 108 Loan Project Profiles

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


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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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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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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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

 

 

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

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

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