On Wednesday, the City of Cincinnati received a $37 million loan from the U.S. Department of Housing and Urban Development (HUD) to be used for building homeless shelters, fixing up housing for the poor, and helping small businesses expand, Cincinnati Enquirer reports. $11 million will be used to create an economic development loan pool that "will provide low-interest loans to small businesses throughout the city," the article said. Other projects that will receive funding include the construction of three homeless shelters for $7 million, improvements to existing public buildings and facilities for $2 million, and tax bridge loans worth $17 million to help "housing projects receiving tax credits get done faster and more cheaply." For more, read the full story.
Cincinnati will use $11 million of a $37 million federal loan to create economic development loan pool for small businesses
