Maywood : Grant Funds for City Debt
The City Council last week approved the 1986-87 budget for housing and community development block grant funds, with more than one-third going for payment on a loan for the Maywood Towne Center.
A reduced allocation of the grant funds--43% lower than the amount the city received in 1985-86--reflects a 10% overall cut in the block grant program. Ron Lindsey, director of building and planning, said there are going to be “drastic cuts” in the program this year as a result.
Although the funds can be used for a variety of programs, such as acquisition of property and improvements to public facilities, the city earmarked $222,780 for its housing rehabilitation and beautification programs out of a total allocation of $374,469. The rest will be used for repayment and interest on the loan.
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