HUD Approves Loan Guarantee to Rockford for Hotel Project
ROCKFORD, Ill. (AP) — A resort, hotel and conference center in Rockford is one step closer to receiving federal help with a major renovation.
The Department of Housing and Urban Development announced Monday the approval of a $2.73 million loan guarantee to the city of Rockford for financial assistance to the Cliffbreakers Riverside Resort and Conference Center.
Rockford had sought a Section 108 Loan Guarantee to renovate 105 hotel rooms, the lobby and breakfast area and to replace the roof. The federal program allows local governments to borrow money at lowered interest rates to promote economic development and job growth.
Rockford Mayor Lawrence Morrissey calls the HUD announcement great news for "efforts to support Cliffbreakers and Northwest Rockford." He says the next step is for the city council to consider the matter.
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