"Together, we will not only breathe new life into these distressed areas, we will restore economic vitality in surrounding neighborhoods and create thousands of jobs for those who live there," says HUD secretary Alphonso Jackson. San Jose, CA and Portland, OR have been awarded the largest grant and loan package, both receiving $2 million in BEDI funds, as well as $26 million in loan guarantee funds. In addition to assisting in the conversion of unused or underutilized space into productive developments, the grants will also help create a total of about 7,000 jobs, indirectly.
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