CHICAGO – U.S. Housing and Urban Development Midwest Regional Administrator Antonio R. Riley announced today that HUD is approving a $5.9 million loan guarantee to the City of Lansing to finance development of the Knapp’s Building Historic Renovation Project. The renovation and adaptive reuse of the former Knapp’s Department Store, vacant since 2002, is expected to create 230 new jobs, as well as create mixed-use commercial and office space. The Lansing Economic Development Corporation will occupy two levels providing space and services for start-up businesses.
“HUD’s Loan Guarantee Program can be a powerful tool to drive economic development in underserved areas,” said Riley. “This project will turn a deserted National Historic Register Building into a vibrant keystone to new jobs and new businesses in the community.”
HUD’s loan guarantee has leveraged more than $30.8 million federal, state, city and private funds, and at least 51 percent of the jobs created will be made available to low- and moderate-income persons.