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Section 108 Consultant Services

Rhode Island
Publication Date
12/04/2018 11:38 AM EST
Closing Date
12/18/2018 10:00 AM EST
Issuing Organization
City of Pawtucket
Solicitation Number

Specifications include, but are not limited to: Consultant services to assist the City Department of Planning and Redevelopment with the application to the U.S. Department of Housing and Urban Development for a Community Development Block Grant Section 108 Loan. Section 108 loans provide communities with a source of financing for a variety of projects. It allows local governments to transform a small portion of their CDBG funds into federally guaranteed loans. These loans are then used to pursue physical and economic revitalization projects. Under this program, entitlement communities can receive loan guarantees equal to five times their CDBG amount. Pawtucket’s 2018-2019 CDBG award is $1,870,542. Communities can receive loan guarantees equal to five times their grant award. Section 108 loans are not risk-free. Local governments borrowing funds guaranteed by Section 108 must pledge their current and future CDBG allocations to cover the loan amount as security for the loan. The maximum loan repayment period is 20 years.

http://eprocurement.cityofnewport.com/index.aspx?id=2d85707e-c62f-438f-86e1-9396c4d92c0b (opens in a new window)

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