WASHINGTON – Congressman Dale E. Kildee (D-MI) announced today that the city of Flint would receive $3,840,000 in federal loans for the redevelopment of three buildings on the 500 Block of South Saginaw Street for offices, loft apartments, dining and entertainment options.  The U.S. Department of Housing and Urban Development awarded this loan to the city under the Section 108 Loan Guarantee Program.  Uptown Developments, LLC, of Flint will develop the multi-use complex that will bring new, high-paying jobs to Flint’s downtown.

“I am pleased that these funds will be made available to continue the revitalization of downtown Flint,” said Kildee. “This loan guarantee will provide vital funding to stimulate our local economy, increase employment opportunities, and help make downtown a great place to live, work and play.”

“Uptown Developments, LLC and Rowe Incorporated are thrilled to learn that HUD has approved the Section 108 Loan and BEDI Grant application for this exciting project,” added Scott Whipple, a project coordinator for Uptown Developments. “Everyone on the 500 Block team is anxious to begin construction and to see the building up and running.” 

The 500 Block project will provide approximately 80,000 square feet for a mixed use center with office space for a new corporate headquarters for Rowe Incorporated, a local engineering firm.  The complex will also hold a themed restaurant, brew pub and lower level nightclub, and loft apartments on the building’s top floor.  The project will utilize the services of a Flint-based architectural firm, THA Architects, and provide over 200 new full-time jobs in downtown Flint upon completion. 

Section 108, the loan guarantee provision of the Community Development Block Program, is one of the most potent and important public investment tools that HUD offers to local governments.  It allows them to transfer a small portion of their Community Development Block Grant funds into federally guaranteed loans large enough to pursue physical and economic revitalization projects that can renew entire neighborhoods.