Berks County receives a federal loan of $ 1.1 million to fund the reconstruction of the town of Oli.
The U.S. Department of Housing and Urban Development announced Wednesday that the Berks County Nonprofit Corporation has received a loan guarantee to help the county with the cost of rehabilitating a commercial building at 590 Oley Road.
The proposed project will transform a commercial building into a building that currently serves three businesses, into one that can serve four, which will save jobs and create new employment opportunities. The site currently has a bingo hall, auction business and catering service.
“This loan guarantee underscores the national purpose of the grant to support low- and moderate-income communities,” said Arthur Jamison, chief assistant secretary of the HUD’s Community Planning and Development Office, in a press release. “This project will create new employment opportunities for this community, in line with HUD’s commitment to strengthening communities across the country.”
Loan guarantee assistance was provided under the program, which aims to enable recipients to use their annual grants to access flexible financing for economic development, housing, public facilities and infrastructure projects.