HUD Announces Nearly $3 Million Loan Guarantee for Babylon, NY, to Create Public Multipurpose Greenhouse Facility
HUD Public Affairs
August 9, 2022
HUD ANNOUNCES NEARLY $3 MILLION IN SECURITY LOAN FOR BABYLON, NY TO CREATE MULTI-PURPOSE GREENHOUSE PUBLIC FACILITY
WASHINGTON — The U.S. Department of Housing and Urban Development (HUD) today provided the City of Babylon, New York, with a $2,963,000 loan guarantee for the Geiger Park Botanical Garden project.
The Geiger Park Botanical Garden project is part of the city’s long-term, multi-phase plan to renovate an existing park known as Geiger Memorial Park. This project involves the construction of two greenhouses connected by a building at Geiger Memorial Park, a 23.4-acre public park located at W 23rd Street in the hamlet of Wyandanch. The next phase of the Geiger Memorial Park project includes the construction of a large main house as well as two greenhouses, making the entire facility nearly 5,400 square feet. Additionally, the city will use the funds to build a new parking lot and create the main entrance to the Botanical Garden along Long Island Avenue. The greenhouses will be the main hub for growing plant material for use throughout Babylon, in addition to a convenient educational center for tours and programs. As a public facility, there will be no charge to enter the facility.
“Everyone deserves to live in a strong, sustainable and inclusive community”, said Marion McFadden, principal deputy assistant secretary of HUD’s Office of Community Planning and Development. “HUD’s Section 108 Loan Guarantees will strengthen community engagement, provide educational experiences, and create eco-friendly spaces for all to enjoy.”
The loan guarantee assistance was provided under the Section 108 (Section 108) Loan Guarantee Scheme, which provides recipients of the Community Development Block Grant (CDBG) scheme with the opportunity to draw leveraged their annual grant allocations to access flexible, low-cost financing for economic development, housing, public amenities and infrastructure projects.
This project will mainly benefit people with low and modest incomes.
Section 108 allows local governments to borrow up to five times their current CDBG grants to pursue physical and economic revitalization projects capable of redeveloping entire neighborhoods. Public investments, such as Section 108 loans, can stimulate private economic activity, providing the resources or confidence that private businesses and individuals may need to invest in distressed areas. Learn more about HUD’s Section 108 Loan Guarantee Program.