City of Laredo Announces a Housing Rehabilitation Project Plan
Written by Post Public Information Representative, Feb 2, 2023, 0 Comments
Courtesy Andres Garcia,
Downtown Southern Hotel Rehabilitation
LAREDO, Texas— The City of Laredo is proud to announce that the U.S. Department of Housing and Urban Development (HUD) approved a $4.1 million loan guarantee, offered through the Section 108, that will be used to finance the Southern Hotel Affordable Housing Rehabilitation Project.
This new project will revamp an existing historic building in the heart of downtown located at 1210 Matamoros St., to convert it as affordable rental housing units for low- and moderate-income (LMI) households. The City intends to add a total of 22 housing units, consisting of 13 low-income and 9 market rate units. The building will be entirely residential with amenities such as a laundry room, fitness center, and community room. Not only will this project be beneficial to residents, but it will also bring revitalization to the downtown area.
Section 108 provides states and communities with low-cost, long-term financing for economic and community development projects that primarily benefit low- and moderate-income people. Section 108 can be used for a variety of projects, such as housing, infrastructure, and other physical development projects. The flexibility of the program makes it an attractive and effective tool for states and local governments that receive funding under the Community Development Block Grant program.
