Get the free SECTION 108 LOAN GUARANTEE PROJECTS - archives hud

City of Pittsburgh, Pennsylvania5.SECTION 108 LOAN GUARANTEE PROJECTS The City of Pittsburgh has six (6) Section 108 Loan projects. Section 108 Loan Number 1. SSW Garage #2 plus misc. Infrastructure Complete B02MC420103AProject

How to fill out section 108 loan guarantee

How to fill out section 108 loan guarantee:

1. Gather necessary documentation: Start by collecting all the required documents for the section 108 loan guarantee application. This may include financial statements, project plans, cost estimates, and any relevant permits or licenses.
2. Understand eligibility requirements: Familiarize yourself with the eligibility criteria for the section 108 loan guarantee program. This will help you determine if your project and organization qualify for the guarantee. Consider factors like the type of project, location, and financial stability.
3. Complete the application form: Fill out the section 108 loan guarantee application form accurately and completely. Provide all requested information, such as project details, borrower information, desired loan amount, and purpose of the loan. Double-check for any errors or missing information before submitting.
4. Include supporting documentation: Attach all the required supporting documents to your application. Ensure that these documents validate the information provided in the application form. These may include financial statements, project plans, environmental impact assessments, and other relevant paperwork.
5. Submit the application: Once you have completed the application form and attached the necessary documents, submit the entire package to the designated authority responsible for processing section 108 loan guarantee applications. Follow any specific instructions provided for submission.
6. Follow up on the application: After submitting the application, monitor its progress and stay in touch with the relevant authority. Keep track of any additional information or documents they may request. Be responsive and provide the requested information promptly to avoid delays in the application process.

Who needs section 108 loan guarantee?

1. Local governments: Section 108 loan guarantee is often used by local governments, such as cities and counties, to finance various community development projects. This can include infrastructure development, public facility improvements, affordable housing initiatives, or economic development programs.
2. Non-profit organizations: Non-profit organizations involved in community development, social services, or affordable housing may also require section 108 loan guarantees. These organizations can access funding to support their initiatives and expand their services to benefit the communities they serve.
3. Tribal governments: Section 108 loan guarantees are available to tribal governments for financing projects aimed at tribal economic development, housing, infrastructure, or community facilities. This provides a means for tribal communities to invest in their own growth and improve the quality of life for their members.

Note: Detailed eligibility requirements, application procedures, and specific terms may vary, so it is advisable to consult the relevant authorities or agencies involved in administering the section 108 loan guarantee program for precise information.

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What is section 108 loan guarantee?

Section 108 loan guarantee is a program provided by the U.S. Department of Housing and Urban Development (HUD) that allows local governments to borrow funds with the guarantee of their Community Development Block Grant (CDBG) allocation.

Who is required to file section 108 loan guarantee?

Local governments or eligible non-profits are required to file for section 108 loan guarantee.

How to fill out section 108 loan guarantee?

To fill out section 108 loan guarantee, applicants need to submit a detailed application that includes financial information, a plan for the use of funds, and justification for the loan request.

What is the purpose of section 108 loan guarantee?

The purpose of section 108 loan guarantee is to provide local governments with access to long-term, low-interest loans for economic development, housing, or infrastructure projects that benefit low to moderate-income individuals and areas.

What information must be reported on section 108 loan guarantee?

The information that must be reported on section 108 loan guarantee includes the amount requested, the purpose of the loan, financial statements, and a repayment plan.