ST. LOUIS — A new down payment assistance program for first-time homebuyers and new loans aimed at small businesses, nonprofits and minority- and women-owned contractors were announced Thursday by the city of St. Louis.
The three new types of loans, available to city residents and businesses, will come from the city’s roughly $500 million in total federal American Rescue Plan Act funds. The programs are designed to address longstanding inequalities by offering access to low-cost capital and homeownership, city officials including Mayor Tishaura Jones said.
Officials held a press event at the former industrial facility at 3940 Martin Luther King Drive in north St. Louis. The project to overhaul the former factory at the site into a workforce training center for high-paying, in-demand jobs will be called the Campus for Economic Mobility, city officials announced. The facility was purchased last year for the project by the city’s urban renewal board, the Land Clearance for Redevelopment Authority.
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