In March, city may release $40M in loans for construction projects
By Thomas Grillo
Friday, February 6, 2009
Money from Mayor Thomas M. Menino?s promised $40 million in loan guarantees for large commercial development projects could start flowing in early March.
Boston is awaiting approval from the Department of Housing and Urban Development before it can issue the first loan commitments from the Boston Invest in Growth Loan Fund, a HUD-funded loan pool designed to jump-start well-financed construction projects and create jobs.
A handful of developers have contacted the city seeking the money, including three developers with projects in the Theater District: Sawyer Enterprises, completing work on the W Hotel; Hera Development Corp., which has proposed a 10-story office building at 212 Stuart St.; and Kensington Investment Co., proponent of a 30-story apartment building.
?We want projects that are ready to put a shovel in the ground,? said Menino.
Menino announced the loan program Dec. 9 in a speech before the Greater Boston Chamber of Commerce.
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