Yesterday, Boston Mayor Thomas M Menino announced plans for the city to stimulate downtown construction by giving up to $40 million in loans to local developers.
From the Boston Herald:
This is for projects that are ready to go, said Mayor Thomas M. Menino this morning. That means the project has its permits and the public hearings are complete …”
But, here’s the funny part:
Evelyn Friedman, director of the Department of Neighborhood Development, who will administer the loans, said she has not identified any projects that could take advantage of the program. But she estimated there are about a half dozen projects that could be eligible.
It wouldnt be for residential, its for commercial office space, she said.
Now, you might have thought that the US Department of Housing and Urban Development would use its money to invest in … Housing … but, apparently not.
Money should be ready for distribution in approximately four months, according to published reports.
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