HUD Grants $31 Million for L.A. County

The Department of Housing and Urban Development announced about $31 million in Economic Development Initiative grants and loan guarantees for projects in Los Angeles County. The grants and guarantees--which enable communities to borrow money at reduced rates--will help finance projects in Huntington Park, Long Beach, Monterey Park and Santa Fe Springs. Huntington Park was allocated $7.8 million to develop a new downtown retail and entertainment development. Long Beach will receive $4 million to fill a financing gap to build a neighborhood shopping center. About $7 million will go to Monterey Park to help transform a former toxic site into a 515,000-square-foot shopping mall. The County of Los Angeles, on behalf of the City of Santa Fe Springs, will get $12 million to clean up environmental hazards as part of a redevelopment project.